vote of a majority of our outstanding shares to approve any increase in authorized shares. Our inability to obtain such approval would prohibit us from increasing our authorized shares of common stock and from issuing any additional shares under the Equity Line of Credit or to otherwise raise capital from the sale of capital stock.
PLAN OF OPERATIONS
The Company continues to rely on funding by Cornell Capital Partners while it pursues potential sales of its Employee Tracking System and Access Control and Site Security products to commercial customers located in the United States, Saudi Arabia, South Africa and Germany.
If a contract is awarded, the Company will need to increase the size of its staff to approximately 15 to 25 employees and consultants (we currently have eight full time employees and three consultants) and will need to establish and enhance its production capabilities. These activities will require additional financing.
If a contract is not awarded, the Company may be required to significantly reduce its administrative costs, salaries and research and development activities until such time as a new plan of action can be developed. The new plan, if required, may include locating additional sources of funding or merger and acquisition activities.
المفضلات