Excerpts from the August 10Q fwiw.......
In February, the Company was notified that it was out of compliance with the net tangible asset requirement (which became effective February 23, 1998) for maintaining it's lisiting on NASDAQ SmallCap Market. ....
On May 13, 1998 the Company requested an extension to the exemption. On May 19, 1998 the Company was notified that its securities were being delisted effective the close of business May 19, 1998 for failure to comply with the net tangible asset requirement. .....
In order to meet its cash flow needs, an officer of the Company has placed, with the Company's factor, sufficient collateral to guarantee a cash over advance of up to $108,000 above the Company's factor line. The Company may decide to continue to fund its current cash flow needs in this fashion, by securing additional collateral to cover over advances above the existing factor line, or the Company may attempt to fund its operations through public or private offerings of securities or debt, with collaborative or other arrangement with corporate partners or from other sources. Additional financing may not be available when needed or on terms acceptable to the Company. The Company may be required to delay, scale back or eliminate certain of its development programs, to relinquish rights to certain of its products or to license to third parties the right to commercialize products the Company would otherwise seek to develop internally.
Brian $^) |
