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COIN » Topics » Constructing and equipping our Woodbridge facility has taken longer and cost more than we expected, which has resulted in significant amounts being owed to construction vendors for which we do not have the cash resources to satisfy.These excerpts taken from the COIN 10-K filed Mar 30, 2009. Constructing
and equipping our Woodbridge facility has taken longer and cost
more than we expected, which has resulted in significant amounts
being owed to construction vendors for which we do not have the
cash resources to satisfy.
Our Woodbridge facility became operational in June 2008. We
incurred approximately $5.7 million in additional
unanticipated construction costs and design changes in
constructing the Woodbridge facility. We are in the process of
completing additional upgrades to the Woodbridge facility, which
are expected to be completed by June 2009, and which we believe
will allow us to increase capacity at the facility to
approximately 70% of full capacity.
Of the $5.7 million in upgrades, design changes and
construction costs discussed above, we currently estimate that
we will be able to fund approximately $500,000 in costs. In
order to finance the additional $5.2 million in upgrades,
design changes and construction costs, we will need to enter
into agreements with the various construction vendors as we do
not currently have the funds available to pay these amounts,
which are listed as accounts payable in our December 31,
2008 balance sheet. If we are unable to come to agreements with
our construction vendors, the vendors may attempt to take
actions against us or the Woodbridge facility, which could
result in interruptions to the operations of the Woodbridge
facility, which would adversely effect our business results.
Table of Contents
Constructing and equipping our Woodbridge facility has taken longer and cost more than we expected, which has resulted in significant amounts being owed to construction vendors for which we do not have the cash resources to satisfy. Our Woodbridge facility became operational in June 2008. We incurred approximately $5.7 million in additional unanticipated construction costs and design changes in constructing the Woodbridge facility. We are in the process of completing additional upgrades to the Woodbridge facility, which are expected to be completed by June 2009, and which we believe will allow us to increase capacity at the facility to approximately 70% of full capacity. Of the $5.7 million in upgrades, design changes and construction costs discussed above, we currently estimate that we will be able to fund approximately $500,000 in costs. In order to finance the additional $5.2 million in upgrades, design changes and construction costs, we will need to enter into agreements with the various construction vendors as we do not currently have the funds available to pay these amounts, which are listed as accounts payable in our December 31, 2008 balance sheet. If we are unable to come to agreements with our construction vendors, the vendors may attempt to take actions against us or the Woodbridge facility, which could result in interruptions to the operations of the Woodbridge facility, which would adversely effect our business results.
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