RE: RE: Almost $40 Million in the HoleYou are correct. This is their balance sheet as of Dec 31 at the bottom. Note their shareholders equity is positive $2M, and deficit -$34M. See the two links below regarding their financing. If you look at their balance sheet from Q3, it was -$8M in shareholders equity.
https://tmx.quotemedia.com/article.php?newsid=39502677&qm_symbol=FUT:CA
https://tmx.quotemedia.com/article.php?newsid=37237600&qm_symbol=FUT:CA
THE FUTURA LOYALTY GROUP INC.
Consolidated Balance Sheets
As at December 31, 2010 and December 31, 2009
2010 2009
ASSETS
CURRENT
Cash $ 488,222 $ 51,878
Receivables (Note 6) 1,313,690 258,122
Inventory (Note 7) 39,485 -
Prepaid expenses 9,108 10,441
1,850,505 320,441
CAPITAL ASSETS (Note 9) 51,978 72,919
NOTES RECEIVABLE (Note 26) 175,500 -
$ 2,077,983 $ 393,360
CURRENT
Accounts payable and accrued liabilities $ 2,866,283 $ 1,419,261
Current portion of long term debt (Note 10) 5,181,204 828,596
Current portion of unearned revenue (Note 11) 112,980 111,995
Current portion of deferred gain on financing arrangement
(Note 26)
560,045
Obligation under capital lease - 3,817
Current portion of Futura Member liability (Note 12) 823,446 478,376
Advances from shareholder - 150,000
9,543,958 2,992,045
LONG TERM DEBT (Note 10) - 3,640,268
UNEARNED REVENUE (Note 11) 66,350 10,284
DEFERRED GAIN ON FINANCING ARRANGEMENT
(Note 26)
23,015
FUTURA MEMBER LIABILITY (Note 12) 890,842 1,423,085
10,524,165 8,065,682
CAPITAL DEFICIENCY
SHARE CAPITAL (Note 13) 22,111,805 21,185,552
CONVERSION FEATURE (Note 14) 162,363 181,952
WARRANTS (Note 15) 985,436 619,104
CONTRIBUTED SURPLUS (Note 16) 2,662,384 2,471,386
DEFICIT (34,368,170) (32,130,316)
(8,500,127) (7,672,322)
$ 2,077,983 $ 393,360