SWMX Revenues Off For Q2
August 15, 2007 at 5:44 AM (PT)
SOFTWAVE MEDIA EXCHANGE (SWMX) second quarter revenues fell 11% from $704,725 to $621,675, widening the company's net loss from $2.68 million to $2.88 million (flat at a loss of 1 cent/common share, basic and diluted).
The company's SEC filing notes that it has "a stockholders deficit of $1,991,386, a working capital deficit of $5,367,203 and is in default under its credit facility, which raise substantial doubt about its ability to continue as a going concern. Such losses resulted from the Company's lack of significant revenue and costs incurred in the establishment of its infrastructure. The Company expects to continue to incur significant operating expenses in order to execute its current business plan." The addition of a credit facility in MARCH means that the company believes it has funding through the end of the year and can raise more money if necessary but "there can be no assurances that the Company will be able to raise any such capital or upon what terms."