Oasys Mobile In Finanical Trouble - To the tune of $8M woth of debt

Oasys Mobile, a premium mobile content provider, reported in a filing Friday with the U.S. Securities and Exchange Commission that they have defaulted on $8 million in senior secured debt.

Oasys claims that the can't repay the $8 million principal and corresponding interest on debentures that was due June 30. Oasys is in talks with lenders Liberty Associated Partners and Rock Hill Investment Management to find a way to explore alternate repayment options.

As of March 31 Oasys had $773,200 cash with $7.4 million working-capital deficit totaling losses of $2.3 million in Q1. In april they have entered talks with investment banker RBC Daniels & Associates to review options including an option to sell the business. As a result - Oasys recently announced the resignations of board members Hughes Capital founder J. Winder Hughes and Solstice president Stephen Finn.