Orsus Xeint Technologies, Inc. (ORS) Widens Q2 Loss; CEO Notes 'Going Concern'
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Orsus Xeint Technologies, Inc. (AMEX: ORS) reported Q2 EPS of ($0.95), versus ($0.03) reported last year. Revenue for the quarter came in at $6.47 million, versus $4.64 million reported last year.
Guoji Liu, CEO of the Company, stated, "As our accounts receivable have continued to grow, our major problem is our weak cash flow which has resulted in a serious going concern issue. Our working capital is not sufficient to support the operation of the Company and raises doubt about our ability to continue as a going concern."
He added, "Recoverability of a major portion of our assets amounts is dependent upon the continued operation of the Company which, in turn, is dependent on the Company's ability to raise additional capital and secure financing. As such, we continue to explore, among other things, a strategic merger possibility and an offering and sale of equity. In the latter regard, on August 12th we filed a shelf registration statement with the Securities and Exchange Commission, which, if approved, would give us flexibility with respect to the possible sale of a variety of corporate equity and debt securities with an aggregate price of $6 million."
Guoji Liu, CEO of the Company, stated, "As our accounts receivable have continued to grow, our major problem is our weak cash flow which has resulted in a serious going concern issue. Our working capital is not sufficient to support the operation of the Company and raises doubt about our ability to continue as a going concern."
He added, "Recoverability of a major portion of our assets amounts is dependent upon the continued operation of the Company which, in turn, is dependent on the Company's ability to raise additional capital and secure financing. As such, we continue to explore, among other things, a strategic merger possibility and an offering and sale of equity. In the latter regard, on August 12th we filed a shelf registration statement with the Securities and Exchange Commission, which, if approved, would give us flexibility with respect to the possible sale of a variety of corporate equity and debt securities with an aggregate price of $6 million."
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