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wiredInUSA - May 2013
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Further problems for Superconductor Technologies
Inc have led the company to disclose substantial
financing problems. The company, which moved
its headquarters from California to Austin early last
year, reported a loss of $10.9 million on revenue
of $3.5 million for 2012, with a negative cash flow
from operations for the year of $8.2 million.
The company also stated an accumulated deficit
of $262 million since its foundation in 1987.
“Our cash resources will not be sufficient to fund
our business for the next 12 months,” the company
said in its filing with the Securities and Exchange
Commission.
“Because of the uncertainty of these factors we
will need to raise funds tomeet our working capital
needs… If we cannot raise any needed funds,
we might be forced to make further substantial
reductions in our operating expenses, which could
adversely affect our ability to implement our
current business plan and ultimately our viability
as a company.
“These factors raise substantial doubt about our
ability to continue as a going concern.”
The company, which describes itself as “a world
leader in the development and production of
high-temperature superconducting materials,”
is in the process of having its wire qualified for a
variety of electric-power-related equipment.
super
conductor -
shame about the
finance