Sigmass,
I agree that most everyone expects negative financial news. A Brief Summary:
Balance sheet indicates negative working capital of over $6.5 million dollars. Cash remaining from the BTC transaction is $56,458. Shares outstanding 120,559,944. Receivables continue to rise (30%), even though sales are down 40%. Loss from operations ($967,608). One time gain from BTC transaction $873,318. Net loss ($94,290).
Other items:
Mr. Neil Jenkins resigned from the Board due to personal reasons and other business interests.
AGTI expects to appoint a third board member as a part of its current negotiations with a private investment banking organization!!!!!!!
Liquidity And Capital Resources -
"The Company has minimal revenues, which are not sufficient to support operating expenses. With both the reduction of operating expenses and the focus on generating additional revenues, the Company expects a positive cash flow during the fourth quarter of 1998. Until then the Company requires external funding by way of debt and/or equity issuances. This is essential both for the survival of the Company, and to allow the timely execution of its business plan."
"Currently the Company is negotiating with several parties in this regard, but no formal commitments exist. There can be no assurance that such financing will be available at all, or at terms acceptable to the Company"
Off Topic
I will be happy to discuss GMTC issues on this thread, but the majority of posters asked that these posts be moved over to the GMTC thread. I have attempted to respect these requests and limit any discussion or information to AGTI. Anyone that is interested is certainly invited to review the GMTC thread and participate as they choose. Sigmass, Rossario, etc are free to post what they choose, but any appropriate GMTC response from me will be on the GMTC thread. I would encourage people to come over and learn more about the market leader in electronic bingo.
I am gratified to know that I have helped to give purpose in life to Sigmass.
tgs59 |
