MASSIVE DEBT, losses, Questionable survivability!!!Huge convertible debt of $10mm+ , Huge accounts playable over $15mm..made up of huge insider debt transactions with insider services provided. Huge buy back from insiders of issued RSU, amounting to over $800k which has reduced company equity position. This company is being drained every quarter of equity from these insiders and their so-called services and debt conversions, including their huge salaries and bonuses, and options. By the looks of their balance sheet with the large notes payable and convertible debt o/s..,this company will be insolvent very soon, in my opinion. See the notes 8, 9, 18 of statement that will show you disturbing figures and proves the my point.
Cash position down to a measly 248k in bank, working Capital Deficit of $26mm, and with its massive debt owing, is a recipe for "insolvency".
This company has been raped during its operations for the last 3 years and is at its final stage of its existence.
Wishful thinking , to imagine they come through this, even with the monthly revenues of $1.2 mm/month if production comes back, as stated and forecasted by CEO.
Good luck to anyone holding...any accountant that reviews these financials will no doubt share this option..Facts don't lie, Financials says it all. Markets will react to this tomorrow, we shall see.