Golden Century Tech Corp (GCYT) research, news, and more from GeoInvesting

Company description

Tue, 03 Jun 2008 04:00:00 GMT

We are a Delaware Corporation established on July 1, 2005. We are engaged in the production, distribution and sale of medical supplies in Mainland China, Hong Kong, Macau, Taiwan and Middle East. Our principal business is to supply the Flushable Colostomy and Ostomy Pouch Liners (the “Liners) to Colo-Majic Liners, Inc. (“Colo-Majic”) for its existing North American market and to manufacture, market and distribute the Liners in the People’s Republic of China, Hong Kong, Macau, Taiwan and Middle East.

On August 12, 2009, the Company entered into a Letter of Intent with JinXin Copper Holding Limited (“JinXin”), a British Virgin Island corporation that owns 62% of Nanjiang Long Du Mining Industrial Limited Corporation (“Long Du”). Long Du is incorporated in Sichuan Province in the People’s Republic of China and owns a prospecting permit of the Yang Tan Gold Mine (“Yang Tan”).

Going Public Details

Deal Flow

Sun, 17 Jul 2011 04:00:00 GMT

On July 12, 2011, we entered into two convertible loan agreements with two investors (the “Lenders”) to make available to the Company loans of up to HKD $2,000,000 and HKD $1,200,000, respectively, advanced in one installment each, which amounts, plus 10% per annum accrued interest, are convertible into shares of common stock of the Company at a price of USD $0.60 per share for a period of one year.

Investor Alert

Wed, 01 Jul 2009 04:00:00 GMT

We are a development stage company. We have not at any time been able to generate sufficient revenue from sales of our products or services to sustain ongoing operations. From inception on July 1, 2005 to December 31, 2008, we have generated total revenues of only $164,502 but as of December 31, 2008, we have incurred total operating expenses of $367,750 and an accumulated deficit of $223,416 since inception. We may continue to incur significant additional operating losses as our operations continue. Operating losses may fluctuate from quarter to quarter as a result of differences in the timing of expenses incurred and revenue recognized.

Source: SEC Form 10Q (For the quarterly period ended December 31, 2008)

Liquidity Requirements

Wed, 01 Jul 2009 04:00:00 GMT

As of December 31, 2008, we had a working deficit of $103,766, our deficit accumulated during the development stage was $223,416. For the period ended December 31, 2008, we had cash of $1,806. Our capital requirements relating to the manufacturing and marketing of our products have been, and will continue to be, significant. We are dependent on the proceeds of future financing in order to continue in business and to develop and commercialize proposed products. We anticipate requiring approximately $250,000 to $500,000 in additional financing for the next twelve months.

Source: SEC Form 10Q (For the quarterly period ended December 31, 2008)

Research

Tue, 03 Jun 2008 04:00:00 GMT

We are a development stage company. We have not at any time been able to generate sufficient revenue from sales of our products or services to sustain ongoing operations.

Management estimates that it will require additional financing of approximately $250,000 to $500,000 over the next twelve months for production of the Liner products, marketing campaigns and administrative costs. Our capital requirements relating to the manufacturing and marketing of our products have been, and will continue to be, significant.

Our independent auditors have expressed substantial doubt about our ability to continue as a going concern, which may hinder our ability to obtain future financing. Furthermore, it indicates that we may go out of business.

Source: (10Q April 14 2008)

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