A little more detail Marshall,
<< Archer - if that had been an issue at the time it would have been cured by that cash infusion they had shortly after they received notice. It doesn't really matter as they were certainly in compliance in the last 10-Q so I consider the entire matter to be history. >>
From the S-3:
"Our recurring losses have had a negative effect on shareholders' equity, and we did not meet the Nasdaq National Market net tangible assets requirement of $4 million on June 30 and September
30, 1998. In late September 1998, we received a notice of non-compliance from Nasdaq. We appealed the determination and a hearing on our appeal was held in mid-January 1999. We have not yet received the results of the hearing, and can give no assurance as to the outcome. "
From Sept. 30 10Q (the last filed 10Q):
"Current assets:
Cash and cash equivalents 2,298,054
Accounts receivable, net 342,885
Inventory 500,967
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Total current assets 3,141,906
Property and equipment, net 1,380,679
Other assets, net 25,389
---------
Total assets 4,547,974"
The company had commitments for $2.2 million in common stock purchases for Novemeber, but burned $1.3 million in Q3. I don't think it is certain that they will keep assest above the required amount. |
