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Microcap & Penny Stocks : ADVR:THE NEW COMPANY...WITH A NEW LIFE...AND A NEW MISSION
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To: BARRY ALLEN who wrote (3986)5/18/1999 11:56:00 AM
From: JustMy2Cents  Read Replies (2) of 4891
 
Excellent News!!!

This excerpt taken from the 10-Q filed yesterday.

NOTE 2. COMMITMENTS AND CONTINGENCIES

Going Concern

The accompanying unaudited consolidated condensed financial statements at March 31, 1999 have been prepared in conformity with generally accepted accounting principles which contemplate the continuance of the Company as a going concern. The Company has suffered losses from operations during its operating history. The Company is dependent upon registration of Reticulose for sale before it can begin commercial operations. The Company's cash position may be inadequate to pay all the costs associated with the full range of testing and clinical trials required by the FDA.
Unless and until Reticulose is approved for sale in the United States or another industrially developed country, the Company may be dependent upon the continued sale of its securities and debt financing for funds to meet its cash requirements. Management intends to continue to sell the Company's securities in an attempt to mitigate the effects of its cash position; however, no assurance can be given that equity or debt financing, if and when required, will be available. In the event that such equity or debt financing is not available, in order to continue operations, management anticipates that they will have to defer their salaries. During 1999 and 1998, the Company obtained equity and debt financing and may seek additional financing as the need arises. No assurance can be given that the Company will be able to sustain its operations until FDA approval is granted or that any approval will ever be granted. The Company expects to submit an application for approval with the FDA during July 1999. These factors raise substantial doubt about the Company's ability to continue as a going concern.
The consolidated condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and classification of liabilities that might be necessary should the Company be unable to continue in existence.
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