http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=dji&src=704&news_id=dji-00059420050808&date=20050808The following is a list of companies whose independent auditors recently issued statements indicating they have doubts about the company's ability to continue as a going concern. Also included are companies that have raised doubts about their viability.
Therma-Wave Inc. (TWAV) (TWAV)
The company's independent auditor filed a going concern with its annual report because of recurring net losses and negative cash flow.
Reported: July 5
VocalTec Communications Ltd. (VOCL) (VOCL)
The company's annual report for the year ended Dec. 31, 2004, contains a going-concern relating to recurring losses and negative cash flows from operations. The company is seeking external funding to sustain operations.
Reported: July 5
Singing Machine Co. (SMD) (SMD)
Received a going concern because of operating performance in fiscal 2005 and the company's minimal liquidity raised substantial doubt about its ability to continue.
Reported: June 29
Exide Technologies (XIDE) (XIDE)
The company's auditor plans to include a going-concern qualification in its financial statements for the year ended March 31 because of concern Exide wouldn't meet requirements of its credit agreement.
Reported: June 27
American Water Star Inc. (AMW) (AMW)
The company's accounting firm issued a going-concern qualification because of its accumulated deficit and the need to obtain additional financing to fund payment obligations and to provide working capital for operations.
Reported: June 9
DPAC Technologies Corp. (DPAC) (DPAC)
The company's annual report included a going-concern statement due to the company's recurring operating losses, negative cash flows and anticipated need for additional capital in the next 12 months.
Reported: May 17
Solexa Inc. (SLXA) (SLXA)
In the company's annual report for the year ended Dec. 31, the auditor raised substantial doubt as to Solexa's ability to continue as a going concern, saying the company will require additional funding to continue its business activities through at least Dec. 31, 2005.
Reported: May 16
02Diesel Corp. (OTD)
Auditors' report on latest 10K filing included a going-concern warning.
Reported: May 6
Electric City Corp. (ELC) (ELC)
Received a going-concern opinion on its audited financial statements for the period ended Dec. 31, 2004, largely as a result of its lack of liquidity and continuing losses.
Reported: May 4
Applied Imaging Corp. (AICX) (AICX)
Auditors' report on latest 10-K filing included a going-concern warning.
Reported: May 4
Provena Foods Inc. (PZA) (PZA)
Completed the late filing of its 2004 annual report on April 19, which contained a going concern qualification relating to the company's negative working capital, forbearance agreement and need for a new lender.
Reported: April 29
Argonaut Technologies Inc. (AGNT) (AGNT)
Company's 10-K included a going-concern qualification from auditors.
Reported: April 29
Copper Mountain Networks Inc. (CMTN)
Accountant included a going-concern in opinion regarding 2004 financial statements.
Reported: April 29
North American Technologies Group Inc. (NATKC)
Auditor included a going-concern qualification with the latest comment on financial statements because the company indicated that the cash needs for the remainder of 2005 will exceed its available cash and sources of financing.
Reported: April 29
Orion HealthCorp Inc. (ONH) (ONH)
Received a going-concern opinion from auditor BDO Seidman LLP with respect to Orion's 2004 annual report that was filed with the Securities and Exchange Commission.
Reported: April 28
DSL.net Inc. (BIZ) (BIZ)
Auditor's report contained an expression of substantial doubt about the company's ability to continue as a going concern.
Reported: April 27
Aerogen Inc. (AEGN)
Said its recurring losses and negative cash flows raised substantial doubts about its ability to remain a going concern.
Reported: April 25
Digital Video Systems Inc. (DVID) (DVID)
Said its 10-K included a going-concern statement.
Reported: April 22
Trans-Industries Inc. (TRNI) (TRNI)
Said the auditor's opinion on its 10-K for 2004 included a going-concern qualification.
Reported: April 22
Large Scale Biology Corporation (LSBC) (LSBC)
Said that its annual form for the fiscal year ended 2004 includes a report from its independent auditors that contains a going-concern qualification. The going-concern qualification is because of the company's history of negative cash flows and its current cash balance.
Reported: April 21
Axeda Systems Inc. (XEDAC) (XEDAC)
Said its accounting firm KPMG issued a going concern qualification in its annual report filed with the Securities and Exchange Commission on April 12. Axeda is aggressively executing on a plan to resolve these issues, including raising additional funds from new and current investors, continued cost cutting, and growing revenue streams. Although the Company believes the plan will be realized, there is no assurance that these events will occur.
Reported: April 18
ACT Teleconferencing Inc. (ACTT) (ACTT)
The company's auditors said in its 2004 annual report that recurring losses from operations, the excess of the company's total liabilities over its total assets, and its breach of debt covenants raise substantial doubt about the company's ability to continue as a going concern.
Reported: April 18
(END) Dow Jones Newswires
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