Note K - Going Concern Clause Samples

Note K - Going Concern. As shown in the accompanying financial statements, the Company incurred a net loss of $539,465 during the quarter ended September 30, 2008, and as of that date, the Company’s current liabilities exceeded its current assets by $5,149,331. Those factors, as well as the uncertain conditions that the Company faces regarding its loan agreements (as discussed in Note C), create an uncertainty about the Company’s ability to continue as a going concern. Management of the Company is developing a plan to reduce its liabilities through an increase in drilling revenue. The ability of the Company to continue as a going concern is dependent on acceptance of the plan by the Company’s creditors and the plan’s success. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
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Related to Note K - Going Concern

  • Going Concern The Seller’s audited financial statements delivered to Buyer shall contain an audit opinion that is qualified or limited by reference to the status of Seller as a “going concern” or reference of similar import;

  • Consolidated Tangible Net Worth The net worth of Seller and its consolidated subsidiaries, on a combined basis, determined in accordance with GAAP, minus (ii) all intangibles determined in accordance with GAAP (including goodwill, capitalized financing costs and capitalized administration costs but excluding originated and purchased mortgage servicing rights or retained residual securities) and any and all advances to, investments in and receivables held from affiliates; provided, however, that the non-cash effect (gain or loss) of any ▇▇▇▇-to-market adjustments made directly to stockholders’ equity for fluctuation of the value of financial instruments as mandated under the Statement of Financial Accounting Standards No. 133 (or any successor statement) shall be excluded from the calculation of Consolidated Tangible Net Worth.

  • Consolidated Total Liabilities All liabilities of the Borrowers determined on a consolidated basis in accordance with GAAP.

  • Consolidated Net Worth The Company will not permit Consolidated Net Worth at any time to be less than US$165,000,000 plus the cumulative sum of 25% of Consolidated Net Earnings (but only if a positive number) for each fiscal quarter ending after June 30, 2004.

  • DISADVANTAGED BUSINESS ENTERPRISE OR HISTORICALLY UNDERUTILIZED BUSINESS REQUIREMENTS The Engineer agrees to comply with the requirements set forth in Attachment H, Disadvantaged Business Enterprise or Historically Underutilized Business Subcontracting Plan Requirements with an assigned goal or a zero goal, as determined by the State.