HACKENSACK, N.J.-Wireless enterprise company GoAmerica Inc. reported another dim quarter, with declining revenues of $3.1 million and a net loss of $1 million. The company said it has $842,000 in cash and cash equivalents, which will fund the company only until January.
“The company believes that it will require additional financing in order to remain in business beyond such date,” GoAmerica said in its earnings release. “GoAmerica recently suspended active attempts to sell assets and retained a separate outside advisor to explore equity placements that would enable the company to continue operations. The company may not be able to raise funds on terms favorable to it, or at all.”
GoAmerica previously said it was working to drop out of the wireless enterprise business and sell its assets.
GoAmerica is not alone in its struggles. A range of other wireless enterprise players have folded over the years, and the Yankee Group recently released a report stating that only 1 percent of corporate buyers would purchase wireless technology from a pure-play wireless vendor.
