<anyone know when this $200K is due?> Why yes DD,I do.<vbg>
Note 3 Going Concern:
The accompanying financial statements have been prepared in accordance with
generally accepted accounting principles, which contemplates continuation of the
Company as a going concern. However, the Company has sustained substantial
operating losses and has used substantial amounts of working capital in its
operations. At March 31, 1997 current Liabilities exceeded current assets by
$427,547, and the accumulated deficit aggregated 18,178,949. Management is
currently in discussion with several entities to obtain additional financing for
the Company. The Company's ability as a going concern is dependent upon the
ability of management to obtain sufficient financing, and ultimately achieving
profitability.
Note 4 Loans Payable-Shareholders:
Loans payable to shareholders consist of unsecured, interest free loans in the
amount of $55,000. These loans have no fixed repayment terms.
Note 5 Long-term Debt:
At March 31 1997 the principal amounts due are as follows.
Loan payable in nine monthly installments of $5,982 including
interest at 18% per annum, maturing in February 1998. This loan
is secured by machinery and equipment. $50,000
<PAGE>
Loan in the original amount of $ 200,000 with payments of interest only at prime
pus 2% per annum for the first seventeen months and a final balloon payment and
all unpaid interest plus the original principal amount due March 1998. This loan
is secured by machinery and equipment. $200,000
Total long-term debt $250,000
Less: current maturities $ 71,784
Balance $178,216
At March 31, 1997 the annual scheduled principal payments of long term debt are
$ 71,784 and $178,216 for each of the next two years, respectively.
Found this on the 10QSB filed May 16,1997..DD |
