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Mobile Infrastructure Issues Going Concern Warning
Executives admit their plan to save the parking lot company isn’t likely to work.
November 14, 2023
With debt coming due Mobile Infrastructure Group (BEEP), a lessor of parking facilities, warned it may not be able to continue as a going concern. The company has never turned a profit and anticipates net losses in the near future. With approximately $64.1 million of debt coming due within a year, Mobile Infrastructure revealed it:
“...does not have sufficient cash on hand or available liquidity to repay the maturing debt as it becomes due.”
Mobile Infrastructure is currently pursuing extensions and amendments on the maturing debt but also warns:
“...management’s plans cannot be considered probable and thus do not alleviate substantial doubt about the Company's ability to continue as a going concern.”
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