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10-Q http://www.sec.gov/Archives/edgar/data/85991

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Post# of 11899
Posted On: 02/11/2014 10:44:28 PM
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Posted By: EliteYoda
10-Q

http://www.sec.gov/Archives/edgar/data/859917...0q1230.htm

Nothing new (already known unaudited financials) really although there was some more clarity on the details of the IronRidge financing agreement given by the excerpt below :

"

Note 3 - Note Receivable



As of September 30, 2013, the Company held 29 notes receivable (the “Notes”) from one issuer totaling $1,450,000 related to the sale of Preferred Stock. The principal balance outstanding under the Notes bears interest at the rate of 1.0% per annum. The entire unpaid principal balance, interest and any other charges due and payable under these Notes will become due and payable 29 months from the date of issuance (September 21, 2012). The Notes deemed not due and payable should the Company not have either 1) a registration statement on file and effective with the SEC covering the underlying common shares issuable as a result of the Preferred Shares, or 2) that the underlying common shares are eligible for trading under the then current Rule 144 as promulgated by the Securities of Act of 1933, as amended. The Company is also required to maintain adequate coverage of Authorized shares , and must have the ability to issue common shares to the holder of the Preferred Shares in electronic format. Other customary events of default also apply."



One part of the financials I thought was a negative is how every dollar of the net proceeds from financing activities was burned during the quarter.
Management must fight to save up at least a few months worth of funding so they can have a buffer and some capital to get some real progress happening with corporate goals and development. It is not a good financial state for a company to every month be burning every dollar that comes in via financing; especially if there is no realized progress to show for it quarter after quarter. Mr Allinder, "where's the beef?!".

Do or do not, there is no try.

$RFMK






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