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Myriad Entertainment & Resorts may seek equity or debt private placements
By Sheri Kasprzak
New York, Nov. 2 - Myriad Entertainment & Resorts, Inc. said it may head to the private placement market to help fund operations.
According to a form 10-QSB filed with the Securities and Exchange Commission Wednesday, the company's working capital deficit as of March 31 has raised questions about whether the company will be able to continue as a going concern.
"Our auditor's report reflects the fact that, without realization of additional capital, it would be unlikely for us to continue as a going concern," the report said. "As a result of our deficiency in working capital at March 31, 2005 and other factors, our auditors have included a paragraph in their report regarding substantial doubt about our ability to continue as a going concern. Our plans in this regard are to seek additional funding through equity private placements or debt facilities."
The company said in the report that it intends to fund its contemplated operations through a series of equity and debt financings from private placements or public offerings.
"We assume that such financing activities, if successful, will be sufficient to satisfy our operating expenses and capital requirements until such time as revenues are sufficient to meet operating requirements," the report said.
For the quarter ended March 31, the company reported a net loss of $223,588, compared to a net loss of $36,654 for the same quarter of 2004. The company sustained a working capital deficit of $842,351 for the quarter ended March 31, compared to a working capital deficit of $622,493 for the same quarter of 2004.
Based in Edmonton, Alta., Myriad Entertainment is a holding company that acquires and operates golf facilities and country clubs.
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