Boston, MA 09/03/2014 (wallstreetpr) – According to reports, a special meeting of shareholders of Vision Industries Corp (OTCMKTS:VIIC) that was all set to take place on August 22, 2014 has been postponed by the management. The management, while addressing all the shareholders through a report, disclosed saying that the company failed to achieve a quorum, therefore, the special shareholder meeting could not be held on given date.
The new date for special meeting of shareholders is not decided:
As per the available information, the management of Vision Industries Corp (OTCMKTS:VIIC) has not updated about the new date of meeting. In the case it doesn’t give any information about new date for more than 120 days, and then a new record date will be set. Those shareholders who voted on or before August 22, 2014, they will not need to vote again. Shares of such voters will be deemed present in case the meeting takes place on or before November 12, 2014.
The management of VIIC stated that 95% of voters gave votes for the approval of mending the articles of incorporation to increase the authorized shares capital to as much as 10,000,000,000. The given vote didn’t seem enough to the management for quorum to hold a special meeting.
At the same time Vision Industries Corp (OTCMKTS:VIIC)’s working capital deficit as of June 30, 2014 was $1.94 million. It also had $1.83 million worth of stockholders’ deficit during the same period. It was left with just $7,249 at the end of the quarter ended June 30, 2014 after executing everything. The management clearly stated that it was dependent on debt financing for raising funds in the near future.
During the six months’ period that ended on June 30, 2014 Vision Industries Corp (OTCMKTS:VIIC) used $519,682 in various operating activities. The main reason behind it was the loss of $1,254,150 in previous quarter and increase in WIP projects worth of $221,739. Although it had inventory worth of $7 and other current assets including prepaid expenses worth $23,784 during the same period, but they were offset by accrued expenses of $161,490 and non-cash expenses of $818,508.