2nd Quarter Finances Cash/cash equivalent $1,360,532 - Accumulated Dept $55,578,519 plus need more money!!
The Company operates in a jurisdiction that may be subject to frequent changes in government practices and policies. While the Company believes that it has clear title to its assets in Iraq, and has obtained an opinion from legal counsel to support this assertion, there may be political or legal changes in the future that could impact the Company's title to these assets. Page 7 - this is the companies out, they have told share holders that political or legal changes could impact the company's assests.
During 2012, the Company sold its interest in its de-asphalting technology, including all assets in Albania and one of its two Sonic generators in Richmond B.C. with a net book value of $329,054 for proceeds of $200,000. (see Note 5). Page 14
The ability of the Company to continue as a going concern is depended on the Company obtaining additional sources of capital and no significant adverse legal, political and security developments in Iraq. Management of the Company continues to evaluate possible industry partnerships, equity and debt financing but there is no assurance that these initiatives will be successful. Page 7 - Looking for Money, Money, have not confirmed that they have the license but have supplied there due diligence to keep the company in the clear.
The Company is surprised by the apparent conflict between the official communications it has received so far, and the statements made in the Article. The Company is investigating the validity of these statements and will be following up with the appropriate government officials. The Company will update shareholders regarding the outcome of these efforts as soon as it has additional information in this regard.
The company will update shareholders, get on a plane and find out if you have the contract. Given the time that has expired from the 2 August 2013, I think we all know you don't