The Company is currently attempting to sell an additional $4,000,000 of preferred stock, but there can be no assurances that the Company will be successful in this regard. As a result of the preferred stock financing on June 29, 1998, the Company had net working capital of $36,139 at June 30, 1998, as compared to a working capital deficit of $2,739,184 at December 31, 1997. In addition, subsequent to June 30, 1998, the holders of advances and convertible bridge notes with a principal balance of $2,640,000 at June 30, 1998 agreed to convert these obligations, plus accrued interest, into 1,468,268 shares of common stock.
Sounds like they better get some cash together. No problem, do another PP and add some more shares.....
You still in this Chloe?
Nigel |
