HDS International Corp (OTCMKTS:HDSI) filed Form 10-K with SEC stating that the auditors of the company have reported a going concern view on the consolidated financial numbers for the fiscal ended December 31, 2014. It implies that auditors have a substantial doubt that the company can continue as an on-going business entity for the next twelve months. There is need of additional capital to support the operations.
The need
HDS International have not generated any revenues since inception, and even no revenues are expected until it completes the development work of its website and source out customers to buy the products and locate suppliers for sell out its products. The management are of view that the technical aspects of the company’s website will be sufficiently developed utilize for operations sixty days from the conclusion of offering. There is a need to raise capital from sources other than operations. The only other alternative to raise cash as of now is investments by other firms in HDS International.
The updates
HDS International stated that the company is in the initial stages of new business operations. Over the next one year, the primary objectives include raising $600,000 to obtain an exclusive license to leading SirenGPS software. It intends to enter into deals with private and public entities to offer emergency management services. The company wants to apply for at least one grant opportunity from a U.S. State-sponsored or Federal organization. One of the important goals is to explore strategic distribution and technology deals that will support the adoption of emergency management solutions.
The performance
HDS International Corp (OTCMKTS:HDSI) stated that it didn’t generate any revenues since inception. The operating expenses came at $420,593 compared with $478,916 recorded in FY2013. The annual net loss stood at $607,819 compared to $570,433 in the same comparable period, a year ago.
In last trading session, the share price of HDS International declined 16.67% to close the day at $00100.
