As the losses continue to mount at Ottawa-based Enablence, accounting firm Deloitte LLP said late Wednesday it has “significant doubt” about the future of the local company.
For the year ending June 30, the optical component supplier posted revenue of $2 million, down from $4.7 million the year before. The company did manage to trim operating expenses but still ended up with a comprehensive loss of $10.4 million.
That figure is down from $16.1 million the previous year, but the company’s accumulated deficit is now at $105 million. It has $173,000 in cash and a negative working capital of $7.2 million.
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Enablence was able to acquire continued financing after its fiscal year-end, with a financing and debt-conversion package worth up to $10 million announced in August.
As it has said in previous quarterly reports, the company repeated its “ability to continue as a going concern is dependant on the ability to generate positive cash flow and the ability to execute its business plan, including funding operating losses, as well as possible future sources of financing.”