20Juni 2003
As shown in the accompanying financial statements, Hartcourt incurred net losses of $2,550,002 and $5,329,408 for the years ended December 31, 2002 and 2001, respectively. In addition, Hartcourt's working capital deficit of $2,155,058 is not adequate to meet its minimum monthly expenses. These factors, as well as negative cash flows from current operations of $1,852,669, Hartcourt's inability to meet debt obligations, and the need to raise additional funds to accomplish its objectives, create substantial doubt about Hartcourt's ability to continue as a going concern.Hartcourt has taken certain restructuring steps, which in the management's opinion will provide the necessary capital to continue its operations.... The Company plans to actively seek funding sources once Hartcourt is able to discontinue and dispose-off all non-profitable assets by selling or spinning-off or restructuring to minimize loss or liability. old.edgarpro.com/edgar_conv_html/2003/06/..._LIQUIDITY_CAPITAL und dann der stock option plan...
