A few highlights from their 10QSB
NET LOSS. Net loss increased from $962,483 for the three months ended September 30, 2004 to $1,565,020 for the three months ended September 30, 2005.
NET LOSS. Net loss increased from a loss of $1,866,740 for the nine months ended September 30, 2004 to $2,453,525 for the nine months ended September 30, 2005.
At September 30, 2005 we had cash of $467,180 and a working capital deficit of $21,873,649. We currently believe that operating cash flows from our iBill operation, current cash balances and borrowings will be adequate to meet its operating needs and capital requirements for the remainder of 2005. However, we have past due obligations, including but not limited to client payouts of $18,361,221 less processor reserves of $5,328,550, leaving a net deficit of client payouts of $13,032,671. We require additional financing to satisfy past due obligations.
We have adopted objectives of improving liquidity and sustaining profitability by implementing the following:
Settling remaining outstanding obligations at a discount with payments to be made over time;
...we must obtain additional financing to facilitate our expansion of the iBill operations. In the absence of financing we may be unable to satisfy past due obligations.
Sounds like a company I want to entrust my hard earned dollars with
