Post edited 7:50 am – January 12, 2010 by Vince P
Hey just thought I'd do some late night reading in the forum and just quick here's what I saw about Mangosoft voodoo. The cash amount is lower due to adding to their short-term investments (in the latest 10-Q read Section 6 in the Notes about the Financial Statements to see what they did).
Here's some selected lines from the 10-Q about their ability as an on-going concern:
"Unless we can generate significant on-going revenue, we will need additional sources of equity or debt financing. Although we have been successful in raising past financing, there can be no assurances that additional financing will be available to us on commercially reasonable terms, or at all."
"We have a history of substantial operating losses and an accumulated deficit of $ 89,189,414 as of September 30, 2009. For the nine months ended September 30, 2009, our loss was $22,993."
"We have historically experienced cash flow difficulties primarily because our expenses have exceeded our revenues. We expect to incur additional operating losses. These factors, among others, raise significant doubt about our ability to continue as a going concern. If we are unable to generate sufficient revenue from our operations to pay expenses or we are unable to obtain additional financing on commercially reasonable terms, our business, financial condition and results of operations will be materially and adversely affected."
-So yeah seems like a company that has no more employees and completely outsourced, causing the low liability number. Like I said, just a quick look for late night reading. Thanks for posting and welcome!
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