SouthPeak Interactive announces
their Fiscal 2010 Second Quarter financial results, reporting $10.1 million net revenues, compared with $17.3 million in the comparable period in fiscal 2009, a decrease total operating expenses by 29% to $5.3 million, a GAAP net loss of $2.6 million ($0.06 per share), and non-GAAP net income was $433,000 ($0.01 per diluted share), compared with a non-GAAP net income of $1.7 million, or $0.05 per diluted share, in the same three month period in fiscal 2009. As noted on IndustryGamers
, the company has also made a 10-Q SEC filing revealing that the business is now operating on a "going-concern basis," revealing the company's future is in doubt. Word is: "The ability of the Company to continue as a going concern is predicated upon, among other things, continuing to generate positive cash flows from operations, curing the default on the production advance payable, renewing its line of credit with SunTrust Banks, Inc. and/or obtaining alternative or additional financing, and the resolution of various contingencies."