Diffcult Financial PositionToday's Press Release give an upbeat view of the latest quarter's operating results. However, a quick glance at the balance sheet and footnotes gives a much more sombre story.
Footnote 1. "Nature of operations and going concern" highlights the abosolute need to restructure the debt between here and year end. The comments include the following:
"These conditions indicate the existence of a material uncertainty that results in substantial doubt as to the Company’s ability to continue as a going concern."
In addition there is now an additional pushback required which will sharply increase capital expenditures next year.
Let's hope that management is able to give some reassurance on the currnet financial challenges in the conference call.