Itronics’ audit doubts company’s viability
April 19, 2004
of Reno lost $159,853 on revenues of $1.3 million last year, and its auditor raises doubt whether the company has the financial strength to remain in business.
Last year’s loss compares with a loss of $219,952 on revenues of $1.3 million in 2002.
Publicly held Itronics recycles photochemical wastes into fertilizer.
Another division provides technical services to the mining industry.
In a filing with the Securities and Exchange Commission, the company’s auditor, Cacciamatta Accountancy Corp., said is has “substantial doubt” about Itronics’ ability to stay in business unless it becomes profitable and generates enough cash to pay its bills.
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Itronics reported that 10 lawsuits were filed against it from September 2002 through September 2003 by companies that leased equipment to Itronics and the company also has faced lawsuits and mechanic’s liens from other suppliers.