Latitude 360 Inc (OTCMKTS:LATX) Going Down Again

[[tagnumber 0]][[tagnumber 1]]There is no doubt that Latitude 360 Inc (OTCMKTS:LATX) is an operating business. Still, the company has dropped quite low in the charts when you compare where it was standing after it went public through a reverse merger last year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Despite the fact that [[tagnumber 6]]LATX[[tagnumber 7]] has a working business the company has a history of failing to follow its business expansion plans which has also had an effect on the financial side of things. Here is a quick recap of the numbers that were contained in the company’s financial report for the second quarter of the year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 11]] [[tagnumber 12]]cash: ZERO[[tagnumber 13]] [[tagnumber 12]]current assets: $391 thousand[[tagnumber 13]] [[tagnumber 12]]current liabilities: $88.5 million[[tagnumber 13]] [[tagnumber 12]]quarterly revenues: $4.3 million[[tagnumber 13]] [[tagnumber 12]]quarterly net loss: $4.3 million[[tagnumber 13]] [[tagnumber 22]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The lack of operating cash alone is enough to raise eyebrows, but the massive amount of liabilities that the company has managed to acquire through the years is frightening, especially when you consider that $26.83 million of them are in the form of short–term payable notes.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Unfortunately, the financial side is only one of the reasons for the bad performance of [[tagnumber 6]]LATX.[[tagnumber 7]] As we previously wrote the company seems to owe some money to some contractors and The American Society of Composers, Authors and Publishers also think they are owed cash for copyrighted music that was played in the company’s establishments without the company paying the music royalties.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]They might even take this to court if they have to, which is the last thing that [[tagnumber 6]]LATX[[tagnumber 7]] needs at the moment. After dropping below the 10 cent per share mark the company has been trying to recover only to come crashing down again. Yesterday we saw [[tagnumber 6]]LATX[[tagnumber 7]] drop another 21.54% down the charts and close the day with a price of $0.051 and the daily volumes are still staying quite low.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]So far we see [[tagnumber 6]]LATX[[tagnumber 7]] a bit more stable in today’s trading and it might close in the green once again. It is currently sitting 9.80% higher from yesterday’s close, but nothing is for certain in the OTC markets, so doing your due diligence and weighing out the risks before putting any money on the line is a must.[[tagnumber 2]]