Total Apparel Group, the U.S. master distributor for FIFA and FIFA licensed product in the U.S. and North American licensee for Kappa and Robe Di Kappa, released its results for the last two years and also indicated it is going through a liquidity crisis. The company has not reported its public-figures since it was founded in 2008.
In a filing with the Securities & Exchange Commission, TAG said is has been experiencing continuing losses, has adworking capital deficit of approximately $3.2 million as of Dec. 31, 2009, and has accumulated losses of approximately $43.5 million since inception. It also said it has had recurring negative cash flows from operations and does not have sufficient resources to accomplish its objectives during the next twelve months.
“These conditions raise substantial doubt about the ability of the company to continue as a going concern,” the filing said.
The company said it plans to continue negotiations to settle old outstanding liabilities, new financing alternatives, additional private placements and other equity financing alternatives by way of preferred stock issuances.
In the year ended Dec. 31, 2009, revenues reached $899,914 versus no sales a year earlier since the company was only recently formed. The loss was $11.9 million against a deficit of $4.1 million a year earlier.
In the six months ended June 30, the loss was $3.3 million against a loss of $6.6 million a year ago. Sales were $64,448 against zero sales a year ago.
