"At January 13, 2011, PDS’ cash and cash equivalents balance was $7,007,897. Management has concluded that PDS’ equity investment at risk is insufficient to finance its activities as the volume of license revenue has not supported litigation costs independent of additional working capital funding."
PDS Balance Sheets
ASSETS:
| |
|
November 30, 2010
|
|
|
May 31, 2010
|
|
|
Cash and cash equivalents
|
|
$ |
325,442 |
|
|
$ |
779,932 |
|
|
Prepaid expenses
|
|
|
100,000 |
|
|
|
25,000 |
|
|
Licenses receivable
|
|
|
- |
|
|
|
2,000,000 |
|
|
Total assets
|
|
$ |
425,442 |
|
|
$ |
2,804,932 |
|
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT):
| |
|
November 30, 2010
|
|
|
May 31, 2010
|
|
|
Related party payables and accrued expenses
|
|
$ |
2,361,861 |
|
|
$ |
1,777,884 |
|
|
LLC tax payable
|
|
|
- |
|
|
|
11,790 |
|
|
Members’ equity (deficit)
|
|
|
(1,936,419 |
) |
|
|
1,015,258 |
|
|
Total liabilities and members’ equity (deficit)
|
|
$ |
425,442 |
|
|
$ |
2,804,932 |
|
You all have a nice weekend. We can discuss it on Monday.
