SAGEMARK COMPANIES LTD Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Description of the Company As of September 30, 2009, The Sagemark Companies Ltd. does not have any business operations other than administrative operations related to shareholder, creditor and tax matters. From 2001 to 2008, we owned, operated and/or managed out-patient medical diagnostic imaging centers that offered positron emission tomography (PET) and PET and computed tomography (CT) imaging (PET/CT), a medical imaging procedure used by physicians in the diagnosis, staging and treatment of cancers and other illness and disease. As of January 2008 we owned or operated eight PET imaging centers. However, as more fully described below, we were unable to financially sustain such operations and all of such operations ceased on or before June 30, 2008. Additionally, from 2006 to 2008, we had been involved in the development of a number of radiation therapy facilities, prior to discontinuing all of such efforts in early 2008. Background of Discontinued Operations Beginning in 2001 we focused our efforts on the development of out-patient medical diagnostic imaging centers that offered PET and PET/CT imaging services. Although we had developed and were operating eight such facilities as of January 2008, we continued to incur significant operating losses from such operations. With the adoption of the Deficit Reduction Act (DRA) that significantly reduced insurance reimbursement rates for PET, PET/CT and CT procedures performed at our imaging centers, related legislation against self-referral for stand alone imaging centers, the increased scrutiny of third party insurers in the preauthorization processes, loss of market share to competitors with more advanced equipment in a number of markets, among other issues, our ability to generate revenue from our PET imaging centers was not sufficient to support our debt obligations, on-going operations and corpo...
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SAGEMARK COMPANIES LTD Financials

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SAGEMARK COMPANIES LTD Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Description of the Company As of June 30, 2009, The Sagemark Companies Ltd. does not have any business operations other than administrative operations related to shareholder, creditor and tax matters. From 2001 to 2008, we owned, operated and/or managed out-patient medical diagnostic imaging centers that offered positron emission tomography (PET) and PET and computed tomography (CT) imaging (PET/CT), a medical imaging procedure used by physicians in the diagnosis, staging and treatment of cancers and other illness and disease. As of January 2008 we owned or operated eight PET imaging centers. However, as more fully described below, we were unable to financially sustain such operations and all of such operations ceased on or before June 30, 2008. Additionally, from 2006 to 2008, we had been involved in the development of a number of radiation therapy facilities, prior to discontinuing all of such efforts in early 2008. Background of Discontinued Operations Beginning in 2001 we focused our efforts on the development of out-patient medical diagnostic imaging centers that offered PET and PET/CT imaging services. Although we had developed and were operating eight such facilities as of January 2008, we continued to incur significant operating losses from such operations. With the adoption of the Deficit Reduction Act (DRA) that significantly reduced insurance reimbursement rates for PET, PET/CT and CT procedures performed at our imaging centers, related legislation against self-referral for stand alone imaging centers, the increased scrutiny of third party insurers in the preauthorization processes, loss of market share to competitors with more advanced equipment in a number of markets, among other issues, our ability to generate revenue from our PET imaging centers was not sufficient to support our debt obligations, on-going operations and corporate ...
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SAGEMARK COMPANIES LTD Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Description of the Company As of March 31, 2009, The Sagemark Companies Ltd. does not have any business operations, other than administrative operations related to shareholder, creditor and tax matters. From 2001 to 2008, we owned, operated and/or managed out-patient medical diagnostic imaging centers that offered positron emission tomography (PET) and PET and computed tomography (CT) imaging (PET/CT), a medical imaging procedure used by physicians in the diagnosis, staging and treatment of cancers and other illness and disease. As of January 2008 we owned or operated eight PET imaging centers. However, as more fully described below, we were unable to financially sustain such operations and all of such operations ceased on or before June 30, 2008. Additionally, from 2006 to 2008, we had been involved in the development of a number of radiation therapy facilities, prior to discontinuing all of such efforts in early 2008. Background of Discontinued Operations Beginning in 2001 we focused our efforts on the development of out-patient medical diagnostic imaging centers that offered PET and PET/CT imaging services. Although we had developed and were operating eight such facilities as of January 2008, we continued to incur significant operating losses from such operations. With the adoption of the Deficit Reduction Act (DRA) that significantly reduced insurance reimbursement rates for PET, PET/CT and CT procedures performed at our imaging centers, related legislation against self-referral for stand alone imaging centers, the increased scrutiny of third party insurers in the preauthorization processes, loss of market share to competitors with more advanced equipment in a number of markets, among other issues, our ability to generate revenue from our PET imaging centers was not sufficient to support our debt obligations, on-going operations and corporate ov...
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SAGEMARK COMPANIES LTD Files SEC form 10-K, Annual Report

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Overview The Company currently does not have any operations, other than administrative operations related o shareholder, creditor and tax matters. Prior to the discontinuation of such operations by the second quarter 2008, the Company owned, operated and/or managed out-patient medical diagnostic imaging centers that offered positron emission tomography ("PET") and PET and computed tomography ("CT") imaging ("PET/CT"). PET is a medical imaging procedure used by physicians in the diagnosis, staging and treatment of cancers and other illness and disease. Additionally for over a year, the Company had been involved in the development of a number of radiation therapy facilities, prior to discontinuing such efforts in 2008. Special Note Regarding Forward Looking Statements Certain matters discussed in the Management's Discussion and Analysis of Financial Condition and Results of Operations, and other sections of this Annual Report, contain forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. This section is qualified in its entirety by the more detailed information, including our financial statements and the notes thereto, which appear elsewhere in this Annual Report. Any forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement. Financial Condition - Liquidity and Capital Resources During 2008 we terminated all of our PET imaging operations as well as the development of our radiation therapy initiatives. As detailed elsewhere in this Report, all of our medical imaging equipment was either sold or repossessed by the equipment lenders. In November 2008, unable to pay our continuing operating expenses, we cl...
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SAGEMARK COMPANIES LTD Files SEC form 8-K, Triggering Events That Accelerate or Increase a Direct Financial Obligatio

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement As previously reported, the Company formerly owned an 80% equity interest in P.E.T. Management of Queens LLC (the "Queens LLC"), through its wholly owned subsidiary, Premier P.E.T. Imaging International, Inc. ("Premier"). The Queens LLC manages an outpatient medical diagnostic imaging center in Forest Hills, New York (the "Queens Center"), specializing in positron emission tomography ("PET") imaging. In February 2008, Premier sold its equity interest in the Queens LLC to an entity owned by a former employee of the Company (the "Queens Purchaser"). In connection with that sale, the Queens LLC assumed the Company's obligations under the capital lease financing documents (the "Financing Documents"), between the Company and General Electric Capital Corp. ("GECC") pursuant to which GECC financed the PET imaging equipment, ancillary medical equipment and leasehold improvements at the Queens Center. As a condition of such sale, GECC required the Company to execute a limited guaranty to GECC (the "Limited Guaranty") pursuant to which the Company guaranteed $1 million of the then approximately $1.7 million indebtedness under the Financing Documents for a period of 24 months, which period expires in February 2010. In connection therewith, and also as a condition of such sale, the Queens Purchaser agreed to indemnify the Company against any losses it incurred under the Limited Guaranty (the "Purchaser Indemnity"). On April 1, 2009 the Company received a notice from counsel for GECC advising the Company that the Queens Purchaser failed to make certain payments, when due, under the Financing Documents, that the current amount past due thereunder is $122,454 and that unless such default is cured by April 15, 2009, GECC will exercise its rights to accelerate the...
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SAGEMARK COMPANIES LTD Files SEC form 8-K, Change in Directors or Principal Officers, Other Events

Show all filings for SAGEMARK COMPANIES LTD | Request a Trial to NEW EDGAR Online Pro Form 8-K for SAGEMARK COMPANIES LTD 1-Dec-2008Change in Directors or Principal Officers, Other Events Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for inf...
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SAGEMARK COMPANIES LTD Files SEC form 10-Q, Quarterly Report

2 Going Concern and Management's Plan The accompanying consolidated interim financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate our continuation as a going concern. Since 2001, we have owned, operated and managed out-patient medical diagnostic imaging centers that utilize positron emission tomography ("PET") and/or computed tomography ("CT") imaging equipment, collectively referred to as PET/CT. At the end of the first quarter of 2008 we discontinued operations of all but one of our PET imaging centers and as of the end of the second quarter of 2008 had discontinued all of such operations. Our PET imaging center operations incurred operating losses of $858,000 and $5,337,000, respectively, for the three and nine months ended September 30, 2008 and $10.9 million and $1.8 million for the years ended December 31, 2007 and 2006, respectively. For the three and nine months ended September 30, 2008 the gain on disposal of discontinued operations were $1.2 million and $4.3 million, respectively. The loss for the year ended December 31, 2007 includes a goodwill impairment charge of $4.8 million and a loss on the sale of an investment in an unconsolidated affiliate of $986,000. Working Capital Deficiency and Judgment As of September 30, 2008, we had a working capital deficiency of $5.4 million including net liabilities of $5 million related to discontinued operations. The significant components of the net liabilities of discontinued operations include notes payable, capital lease obligations, a judgment and accounts payable. As of September 30, 2008, the debt related to our discontinued operations includes $1.9 million of notes payable and $725,000 of capitalized lease obligations, substantially all of which are in default for non payment and because we did not meet the minimum cash balances or debt to equity ratio covenants required by some of our creditors. We do not have sufficient...
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