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EFT Holdings, Inc. Audit Concern

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In Form 10-K filed on July 13, 2016, EFT Holdings, Inc.’s auditor, Paritz & Company, P.A., raised substantial doubt about the Company’s ability to continue as a going concern. According to Paritz & Company, the Company has negative working capital of $9,774,297 and an accumulated deficit of $51,997,694 at March 31, 2016. In addition, the Company has generated operating losses for the past two years. The Company’s products are sensitive to business and personal discretionary spending levels and tend to decline or grow more slowly during economic downturns, including downturns in any of the Company’s major markets. The current worldwide downturn is expected to adversely affect the Company’s sales and liquidity for the foreseeable future. Read more on distressed companies.

The post EFT Holdings, Inc. Audit Concern appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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