CTIX cash position: (Not a real concern of mine) F
Post# of 72440
CTIX cash position: (Not a real concern of mine) From 10Q
As of September 30, 2012, the Company had a cash balance of $124,865. The Company will need to raise substantial funds in order to execute its product development plan. Based upon our expected rate of expenditures, we currently do not have sufficient cash reserves to meet all of our anticipated obligations through our fiscal year end of June 30, 2013. The Company may seek to raise capital through an offering of our common stock or other securities of the Company.
On May 8, 2012, the Company entered into a subscription agreement for Series A Convertible Preferred shares with an accredited investor for an aggregate of $1,000,000.
As of September 30, 2012 a total of $400,000 Series A Convertible Preferred shares were subscribed too and there remains a balance of $600,000 for the Company to draw upon in installment funding per the agreement.
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