|I haven't thought about Gary Morgan or Roland Breton in awhile, but remember they were involved in Dynamic Imaging Group (DYIG) (which Riley bashed BTW). I did a little checking and found that DYIG later became Greentech USA Inc. (GTEI.OB).|
I guess it comes as no surprise that GTEI hasn't done well.
"GREENTECH USA: Losses & Deficit Raise Going Concern Doubt
Greentech USA, Inc. (formerly Dynamic Imaging Group, Inc.) was
incorporated under the laws of the State of Florida in January
1999. Through its wholly-owned subsidiary, Dynamic Imaging Group,
Inc., a Colorado corporation, it is engaged in the sale and rental
of portable show displays, accessories and graphics, all of which
are used in the trade show and trade exhibition industry.
Greentech USA incurred net losses of $1,589,300 for the
year ended December 31, 2003 as compared to a net loss of
$1,205,749 for the year ended December 31, 2002. Since inception,
the Company has incurred losses of $7,133,573. Its operations
have been funded by the sale of common stock with gross
proceeds of approximately $1,000,000 since inception.
Additionally, Greentech signed convertible debentures and note
agreements and borrowed approximately $ 2,000,000 from third
parties and related parties. These funds were used for
working capital and capital expenditures.
Management believes that there is sufficient liquidity to meet all
of the Company's current cash requirements for the next
twelve months through cost reductions and increased marketing
efforts together with additional proceeds from common stock sales.
A key element of its strategy is to evaluate opportunities to
expand through acquisition of companies engaged in similar and
related complementary businesses. Any additional acquisitions
may require additional capital, although there can be no
assurances that any acquisitions will be completed. Also,
management believes that additional funding will be necessary to
expand market share.
During the year ended December 31, 2003, operating cash
requirement was $ 1,775,818, mainly attributable to the net loss
of $ 1,589,300 mitigated by non-cash charges for depreciation of
$29,065, beneficial interest on notes payable and Series A
Preferred stock of $181,647, compensation related to the issuance
of common stock for services rendered of $153,000, and other non
cash items totaling $403,008.
The independent auditors for the Company have stated that the
Company has experienced losses from operations totaling $7,133,573
since inception, has cash used in operations of $1,775,818 in
2003, and has a working capital deficiency of $814,143 at
December 31, 2003. These matters raise substantial doubt about
the Company's ability to continue as a going concern.