Common use of Monthly and Annual Financial Statements Clause in Contracts

Monthly and Annual Financial Statements. For so long as any Series C Preferred remains outstanding, the Company will deliver to each Purchaser for so long as the Purchaser continues as a stockholder of the Company: (a) upon the written request of a Purchaser to the Company (but in any event to any Purchaser owning greater than 100,000 shares of Series C Preferred), within 30 days after the end of each month and each fiscal quarter an unaudited balance sheet of the Company as at the end of each such month or fiscal quarter and unaudited consolidated statements of income and of cash flow of the Company for each such month or fiscal quarter compared to budget; (b) within 90 days after the end of each fiscal year of the Company, a balance sheet of the Company as at the end of such year and statements of income and of cash flow of the Company for such year, audited by such firm of independent public accountants of national recognition that is appointed by the Company's Board of Directors or an authorized committee thereof, and a report summarizing the Company's development activities during the period, and a certificate executed by the President confirming that during such period the Company has been in compliance with the terms of this Agreement; (c) promptly upon receipt thereof, any written report submitted to the Company by independent public accountants in connection with an annual or interim audit of the books of the Company and its Subsidiaries made by such accountants; and (d) prior to the commencement of each fiscal year, a reasonably detailed business plan for such fiscal year including monthly operating expenses and profit and loss projections and a capital expenditure budget for the fiscal year as approved by the Board of Directors, and promptly after any revisions to such budget approved by the Board of Directors, a copy of such revisions. None of the foregoing provisions of this SECTION 7 nor any other provision of this Agreement shall be in limitation of any rights which a holder of Series C Preferred may have with respect to the books and records of the Company, or to inspect its properties or discuss its affairs, finances and accounts, under the laws of the jurisdiction of its incorporation.

Monthly and Annual Financial Statements. For so long as any Series C B Preferred remains outstanding, the Company will deliver to each Purchaser for so long as the Purchaser continues as a stockholder of the Company: (a) upon the written request of a Purchaser to the Company (but in any event to any Purchaser owning greater than 100,000 shares of Series C B Preferred), within 30 days after the end of each month and each fiscal quarter an unaudited balance sheet of the Company as at the end of each such month or fiscal quarter and unaudited consolidated statements of income and of cash flow of the Company for each such month or fiscal quarter compared to budget;. (b) within 90 days after the end of each fiscal year of the Company, a balance sheet of the Company as at the end of such year and statements of income and of cash flow of the Company for such year, audited by such firm of independent public accountants of national recognition that is appointed by the Company's Board of Directors or an authorized committee thereof, and a report summarizing the Company's development activities during the period, and a certificate executed by the President confirming that during such period the Company has been in compliance with the terms of this Agreement;. (c) promptly upon receipt thereof, any written report submitted to the Company by independent public accountants in connection with an annual or interim audit of the books of the Company and its Subsidiaries made by such accountants; and; (d) prior to the commencement of each fiscal year, a reasonably detailed business plan for such fiscal year including monthly operating expenses and profit and loss projections and a capital expenditure budget for the fiscal year as approved by the Board of Directors, and promptly after any revisions to such budget approved by the Board of Directors, a copy of such revisions. None of the foregoing provisions of this SECTION 7 nor any other provision of this Agreement shall be in limitation of any rights which a holder of Series C B Preferred may have with respect to the books and records of the Company, or to inspect its properties or discuss its affairs, finances and accounts, under the laws of the jurisdiction of its incorporation.

Monthly and Annual Financial Statements. For so long as any Series C E Preferred remains outstanding, the Company will deliver to each the Purchaser for so long as the Purchaser continues as a stockholder of the Company: (a) upon the written request of a the Purchaser to the Company (but in any event to any only so long as Purchaser owning owns greater than 100,000 shares of Series C E Preferred), within 30 days after the end of each month and each fiscal quarter an unaudited balance sheet of the Company as at the end of each such month or fiscal quarter and unaudited consolidated statements of income and of cash flow of the Company for each such month or fiscal quarter compared to budget; (b) within 90 days after the end of each fiscal year of the Company, a balance sheet of the Company as at the end of such year and statements of income and of cash flow of the Company for such year, audited by such firm of independent public accountants of national recognition that is appointed by the Company's Board of Directors or an authorized committee thereof, and a report summarizing the Company's development activities during the period, and a certificate executed by the President confirming that during such period the Company has been in compliance with the terms of this Agreement; (c) promptly upon receipt thereof, any written report submitted to the Company by independent public accountants in connection with an annual or interim audit of the books of the Company and its Subsidiaries made by such accountants; and (d) prior to the commencement of each fiscal year, a reasonably detailed business plan for such fiscal year including monthly operating expenses and profit and loss projections and a capital expenditure budget for the fiscal year as approved by the Board of Directors, and promptly after any revisions to such budget approved by the Board of Directors, a copy of such revisions. None of the foregoing provisions of this SECTION 7 nor any other provision of this Agreement shall be in limitation of any rights which a holder of Series C E Preferred may have with respect to the books and records of the Company, or to inspect its properties or discuss its affairs, finances and accounts, under the laws of the jurisdiction of its incorporation.have

Monthly and Annual Financial Statements. For so long as any Series C D Preferred remains outstanding, the Company will deliver to each the Purchaser for so long as the Purchaser continues as a stockholder of the Company: (a) upon the written request of a the Purchaser to the Company (but in any event to any only so long as Purchaser owning owns greater than 100,000 shares of Series C D Preferred), within 30 days after the end of each month and each fiscal quarter an unaudited balance sheet of the Company as at the end of each such month or fiscal quarter and unaudited consolidated statements of income and of cash flow of the Company for each such month or fiscal quarter compared to budget; (b) within 90 days after the end of each fiscal year of the Company, a balance sheet of the Company as at the end of such year and statements of income and of cash flow of the Company for such year, audited by such firm of independent public accountants of national recognition that is appointed by the Company's Board of Directors or an authorized committee thereof, and a report summarizing the Company's development activities during the period, and a certificate executed by the President confirming that during such period the Company has been in compliance with the terms of this Agreement; (c) promptly upon receipt thereof, any written report submitted to the Company by independent public accountants in connection with an annual or interim audit of the books of the Company and its Subsidiaries made by such accountants; and (d) prior to the commencement of each fiscal year, a reasonably detailed business plan for such fiscal year including monthly operating expenses and profit and loss projections and a capital expenditure budget for the fiscal year as approved by the Board of Directors, and promptly after any revisions to such budget approved by the Board of Directors, a copy of such revisions. None of the foregoing provisions of this SECTION 7 nor any other provision of this Agreement shall be in limitation of any rights which a holder of Series C D Preferred may have with respect to the books and records of the Company, or to inspect its properties or discuss its affairs, finances and accounts, under the laws of the jurisdiction of its incorporation.

Monthly and Annual Financial Statements. For so long as any Series C Preferred remains outstanding, the The Company will deliver to each Purchaser for so long as the Purchaser continues as a stockholder Investor holding at least (i) 100,000 shares of the CompanySeries C Preferred and/or Common Stock issued upon conversion of Series C Preferred, or (ii) 750,000 Investor Shares: (a) upon the written request of a Purchaser to the Company (but in any event to any Purchaser owning greater than 100,000 shares of Series C Preferred), within 30 business days after the end of each month and each fiscal quarter calendar month, an unaudited consolidated balance sheet of the Company and its Subsidiaries as at the end of each such month or fiscal quarter and unaudited consolidated statements of (i) income and of (ii) cash flow of the Company and its Subsidiaries for each such month or and for the period from the beginning of the current fiscal quarter compared year to budget;the end of such month. Such financial statements shall be in reasonable detail and certified by the chief financial officer of the Company that such financial statements were prepared in accordance with GAAP (subject to (x) there being no footnotes contained therein and (y) changes resulting from year-end audit adjustments), applied on a basis consistent (except as otherwise disclosed therein and consented to by a majority of the Board of Directors) with that of preceding periods, and except as otherwise stated therein, shall present fairly the financial position of the Company as of their date; and (b) within 90 days after the end of each fiscal year of the Company, a consolidated balance sheet of the Company and its Subsidiaries as at of the end of such year and statements of income and statements of cash flow of the Company and its Subsidiaries for such year, audited setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and accompanied by such the opinion thereon of a firm of independent public accountants of national recognition nationally recognized standing, which opinion shall state that is appointed by the Company's Board such balance sheet and statements of Directors or an authorized committee thereof, income and cash flow have been prepared in accordance with GAAP applied on a report summarizing the Company's development activities during the period, and a certificate executed by the President confirming basis consistent with that during such period the Company has been in compliance with the terms of this Agreement; (c) promptly upon receipt thereof, any written report submitted to the Company by independent public accountants in connection with an annual or interim audit of the books of the Company and its Subsidiaries made by such accountants; and (d) prior to the commencement of each fiscal year, a reasonably detailed business plan for such preceding fiscal year including monthly operating expenses and profit and loss projections and a capital expenditure budget for the fiscal year (except as otherwise approved by the Board of Directors), and promptly after any revisions to such budget approved by present fairly and accurately the Board of Directors, a copy of such revisions. None financial position of the foregoing provisions Company as of this SECTION 7 nor any other provision of this Agreement shall be their date, and that the audit by such accountants in limitation of any rights which a holder of Series C Preferred may have connection with respect to the books and records of the Company, or to inspect its properties or discuss its affairs, finances and accounts, under the laws of the jurisdiction of its incorporationsuch financial statements has been made in accordance with GAAP.