NetObjects, the e-commerce solutions firm, has ceased operations, and plans to sell off its assets as swiftly as possible.
It reported its third-quarter results in August. At that time it warned investors that it didn't have enough cash to finance operations until the end of its fourth quarter, which would otherwise have ended on September 30.
The company reported a loss of $9.15 million for the third quarter ended June 30. It accrued revenue of $1.1 million compared with $7.9 million during the same quarter last year. Liabilities totalled $7.8 million - against assets of $6.6 million.
Huge losses Its recent quarterly report said: "We have incurred substantial net losses in each fiscal period since our inception and, as of June 30, 2001, had an accumulated deficit of $127 million."
The company had hired accountancy boffins Broadview International to explore alternative ways for it to continue trading - such as finding an investor - but the accountants failed to save the company in time. NetObjects is 48 per cent owned by Apple's AIM alliance partner IBM.
NetObjects' stock was delisted from Nasdaq last week "due to a failure to meet certain continued listing requirements". The tale is an Internet riches to rags story - NetObjects shares, which stood at $45.69 last March, were last traded at $0.13, according to Nasdaq.
It's a sad finale for a company that won praise as one of Fortune Magazines 25 Very Cool Companies. Its products have won more than 75 awards, including Analyst Choice award, CNET's Internet Excellence award and InternetWorld's Industry Award.