After filing a Notification of Late Filing, the 10-Q report of CRGE for the period ended July 31, 2011 came up last September. However, the results were disappointing. The company's liabilities were much higher than its total assets and the stockholders' deficiency exceeded $3 million. Besides, the accumulated deficit during the development stage also got higher, while the revenues were still missing.
Management anticipate that they will finance their overhead, consulting, directors and advisory fees largely from the issuance of stock, until such time that funds provided by operations and other revenue streams are sufficient to fund their working capital requirements.
However, there can be no assurance that Clenergen will be successful in achieving their financing needs at reasonable commercial terms, if at all. Meaning that there is substantial doubt about the company's ability to continue as a going concern.