Criticalcontrol Sltns Cp CCZFF

Help me understand please...

[Lakelover]

I have just read, with continued interest, the latest release from the company.  As a long term shareholder, this story is getting old and there appears to be no light in this tunnel.  At least if it was a train we would have closure!

What I don't understand is how there is no "going concern" note on this.  My brief read of their financials tell me they are technically insolvent (Current Assets - Current Liabilities are a significant negative), they have not been profitable for 8 quarters and are admitting they will not be profitable until at least H2 2016 (BTW, this is a claim they have made in two previous years and never achieved).  The disclosure on their current bank covenant is vague at best but tells me they are either offside on one metric (with a 1 quarter waiver letter) and are very close on the other - with these metrics getting worse in Q1 and Q2.  They have some $20M still on the books as goodwill which mystifies me given the fact they have over $12M in debt, about the same in market cap and lost $5.6M (of which approximately half was from operations) last year.

Perhaps Alykhan will find another way through this but since he is no longer taking my calls and has quietly stopped his investor conference calls, I guess we will never know.

I would sell my shares but based on my ACB, they are effectively worthless now anyway, so I have to hope for some form of miracle.

What am I missing?  Does anyone see a glimmer of hope with these guys because I could certainly use some good news on this stock!

LL