Copper-indium-gallium-di-selenide (CIGS) thin-film start-up, DayStar Technologies has said that its auditor Hein & Associates LLP of Irvine, California included an audit opinion in its latest SEC financial filings that contained a going concern notice. The company had posted losses of approximately US$26 million in 2008 and acknowledged that it needed to raise further capital to continue development of its CIGS technology and bring the product to market.
DayStar Technologies has made a net loss of approximately US$20 million in 2006 and US$36 million in 2007.
“As we stated in our conference call on March 16, 2009 and reported in our 10-K filing, our commercialization plans require additional capital to be raised,” said William Steckel, Chief Financial Officer. “In November 2008, we engaged J.P. Morgan Securities to act as our financial advisor to assist us in exploring select strategic transactions, which we believe represent the best source for our capital requirements.”
Hein & Associates noted that the company still required ‘substantial funds beyond its current cash on hand’ to carry-out its plans, raising ‘substantial doubt about the company’s ability to continue as a going concern.’