GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN) Files An 8-K Other EventsItem 8.01 Other Events
Inability to timely file
Great Basin Scientific, Inc. (the “Company”) is currently unable to meet its payment obligations to certain of its suppliers and service providers and is currently unable to satisfy its ordinary course working capital requirements.Due to its lack of funds, the Company could not complete the finalization of its financial statements and related disclosures for the quarter ended June 30, 2017, and consequently did not file its Quarterly Report on Form 10-Q within the prescribed time period and will not be able to file the Form 10-Q within 5 calendar days of its prescribed due date.Because of its lack of funds, there can be no assurance that the Company will continue as a going concern.See Item 1A – Risk Factors –“Our inability to raise capital on acceptable terms in the future may cause us to delay, diminish, or curtail certain operational activities, including research and development activities, clinical trials, sales and marketing, and other operations, in order to reduce costs and sustain the business, and such inability would have a material adverse effect on our business and financial condition.”, and “We may not be able to continue to operate as a going concern.” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
On August 10, 2017, the Company implemented a furlough of 57 employees.The furlough. encompasses employees throughout the Company including all manufacturing employees as well as Robert Jenison, Chief Technology Officer and Senior Vice President of Research.The furlough was designed as a cost cutting measure due to lack of funds. Because of the Company’s lack of funds, there is no guarantee that it will be able to offer the furloughed employees re-employment.
About GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN)
Great Basin Scientific, Inc. is a molecular diagnostic testing company. The Company is focused on the development and commercialization of its molecular diagnostic platform designed to test for infectious diseases, especially hospital-acquired infections. Its commercially available tests are clostridium difficile (C. diff) and Group B Strep. Its system includes an analyzer and a diagnostic cartridge. Each analyzer contains a module into, which individual test cartridges are placed. Its other diagnostic assays in the late stages of product development include a pre-surgical nasal screen for Staphylococcus aureus (SA), food borne pathogen panel, panel for candida blood infections, test for pertussis and a test for Chlamydia tracomatis (CT)/Neisseria gonorrhea (NG). The Company also has a pipeline of assays in an early stage of development, including respiratory testing and sepsis (blood infection) panels. It markets a platform of molecular testing in small to medium sized hospitals.