November 19, 2007 11:40am
• Moller International says it needs capital
• Accumulated deficits top $40.5 Million
Moller International Inc. of Davis, in a filing Monday with the Securities and Exchange Commission, notes that it has run up more than $40.5 million in accumulated deficits and is concerned whether it will have enough money to continue development of its vertical-takeoff and landing Skycar and its Rotapower engines.
“Successful completion of product development activities for either or both of these programs will require significant additional sources of capital,” it says in its Form 10-QSB/A filing with the SEC.
“Continuation as a going concern is dependent upon MI’s ability to obtain additional financing sufficient to complete product development activities and provide working capital to fund the manufacture and sale of MI’s products. These factors raise substantial doubt as to MI’s ability to continue as a going concern,” it says.
Skycar inventor and company founder Paul Moller has loaned his company substantial amounts of money and is not taking a salary or demanding the company pay him rent on a building he owns, the filing says.
“In the event that he cannot continue to make such loans, or that MI does not receive funds from other sources, MI may be unable to continue to operate as a going concern,” the filing cautions.