Savannah, Ga. (May 23, 2002) -- Addressing concerns over CPA2Biz's tenuous cash position, chief executive Brett Prager said the portal would need $10 million to $15 million in additional equity to reach a break-even point -- which he hopes to reach by the end of the 2003 fiscal year or the first quarter of 2004.Of that, Prager said $10 million would be made available contingent on meeting performance criteria, and $5 million would be generated from potential future transactions, which he declined to identify. His remarks came during a presentation Tuesday at the American Institute of CPAs' Spring Council meeting.
At the end of its current fiscal year, which ends June 30, Prager said that the portal would have $10 million in cash.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access