本文发表在 rolia.net 枫下论坛10KSB: ETLTE Liquidity Concerns; R&D
WEDNESDAY, MAY 07, 2003 12:03 PM
Eternal Technology Group Inc (OTCBB: ETLTE) reported in a 10KSB filed today that since inception, the Company has funded its operations and met its capital requirements through the sale of its shares stock and loans from both related parties and third parties.
At December 31, 2002, the Company had working capital of $9,266,786 and a cash balance of $7,135,559. This compares to working capital of $4,253,708 and a cash balance of $7,753,452 at December 31, 2001.
Although the Company had cash of $7,135,559 as of December 31, 2002, the Company's principal shareholders have restricted use of such cash. As a result of these restrictions, the Company has been unable to pay certain liabilities when they become due or to expand its business as planned. Unless the Company is able to obtain lines of credit, or sell its shares, it will have insufficient working capital to carry out its business plan for the next twelve months.
For the year ended December 31, 2002, the Company incurred $1,000,000 of costs in its research and development program. This compares with $0 for the year ended December 31, 2001.
The Company does not conduct research itself, but rather has two contacts with outside parties who perform research on behalf of the Company. The first contract is with Towering International Trade Corp., an entity controlled by JiaJi Shang, the principal shareholders of the Company and the second contract is with the Chinese Science Bureau Shen-Yang Ecology Research Center.
The Company entered into the contract with Towering International Trade during 2001 for a research and development project totaling $1,400,000. No payments were made in 2001. During 2002, $400,000 was paid on this contract.
During 2002 $600,000 was paid to the Chinese Science Bureau. The contracts with each of these parties are for twenty-four months.更多精彩文章及讨论，请光临枫下论坛 rolia.net
WEDNESDAY, MAY 07, 2003 12:03 PM
Eternal Technology Group Inc (OTCBB: ETLTE) reported in a 10KSB filed today that since inception, the Company has funded its operations and met its capital requirements through the sale of its shares stock and loans from both related parties and third parties.
At December 31, 2002, the Company had working capital of $9,266,786 and a cash balance of $7,135,559. This compares to working capital of $4,253,708 and a cash balance of $7,753,452 at December 31, 2001.
Although the Company had cash of $7,135,559 as of December 31, 2002, the Company's principal shareholders have restricted use of such cash. As a result of these restrictions, the Company has been unable to pay certain liabilities when they become due or to expand its business as planned. Unless the Company is able to obtain lines of credit, or sell its shares, it will have insufficient working capital to carry out its business plan for the next twelve months.
For the year ended December 31, 2002, the Company incurred $1,000,000 of costs in its research and development program. This compares with $0 for the year ended December 31, 2001.
The Company does not conduct research itself, but rather has two contacts with outside parties who perform research on behalf of the Company. The first contract is with Towering International Trade Corp., an entity controlled by JiaJi Shang, the principal shareholders of the Company and the second contract is with the Chinese Science Bureau Shen-Yang Ecology Research Center.
The Company entered into the contract with Towering International Trade during 2001 for a research and development project totaling $1,400,000. No payments were made in 2001. During 2002, $400,000 was paid on this contract.
During 2002 $600,000 was paid to the Chinese Science Bureau. The contracts with each of these parties are for twenty-four months.更多精彩文章及讨论，请光临枫下论坛 rolia.net