Liquidity

6 Months Ended

Jun. 30, 2011

Liquidity

Liquidity

4. Liquidity.

As of June 30, 2011, the Company had a working capital deficit of approximately $3,133, a decrease in the deficit of $645 compared to the working capital deficit of $3,778 at December 31, 2010.  This deficit reduction for the six months ended June 30, 2011 was primarily due to the positive net income earned during that period.

As of June 30, 2011, the Company had fully drawn down its credit facility’s credit line limit of Czech Koruna (“CZK”) 35,000, or approximately $2,100.  The Company was in full compliance with the credit facility’s financial covenants.

The Company’s management believes that its cash resources at June 30, 2011, in addition to the anticipated cash to be provided by existing operations, will be sufficient to satisfy its accounts payable and other current obligations and fund its operating activities for the next twelve months.  However, should cash from operations be insufficient to cover the above objectives, the Company may seek to raise additional debt and/or equity capital in order to fund its current liabilities, operations and growth strategies.  There is no guarantee that such funds will be available to TWC at favorable terms or at all, in which case the Company may decide to reduce its operations and its development plans.