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Peep this, it's the risk factors section of Salon Media's most recent quarterly report to the SEC from August 2003 (link to the actual Form 10-Q ). These things are usually pretty conservative in the risk factors area, but I've never seen one come out and say it was doubtful the company would continue as a going concern. If you really want a laugh, look at the balance sheets. They've been in trouble for a long time.

"RISK FACTORS

FACTORS THAT MAY AFFECT SALON'S FUTURE RESULTS AND MARKET PRICE OF STOCK

SALON WILL VERY LIKELY CEASE OPERATIONS IN ITS CURRENT FORM IF IT IS UNABLE TO RAISE ADDITIONAL CASH RESOURCES

Salon has received approximately $348,000 from the issuance of convertible notes payable subsequent to June 30, 2003. These funds, in conjunction with collections of accounts receivable and Salon Premium subscriptions, have been used to fund operations as of this filing. Salon needs to secure additional cash resources in order to continue as a going concern. Salon is attempting to secure additional funds from the issuance of equity securities and instruments that convert into equity securities and from the sale of its prepaid advertising rights.

If Salon does not secure additional funds from the issuance of equity securities and instruments that convert into equity securities, or from the sale of advertising rights, Salon may be unable to continue as a going concern and cease operations. Salon cannot determine at this time whether, or to what extent, it will be successful in securing additional cash resources during its second quarter of its year ending March 31, 2004 to meet operating requirements until it reaches cash flow breakeven.

SALON HAS RELIED ON RELATED PARITIES FOR SIGNIFICANT INVESTMENT CAPITAL

Salon has been relying on cash from related parties to fund operations. Out of $2.6 million of cash received by Salon from the issuance of convertible notes payable as of June 30, 2003, $2.1 million was from related parties. Of the approximate $348,000 cash received by Salon from the issuance of convertible notes payable issued subsequent to June 30, 2003, $250,000 was from related parties. Curtailment of cash investments by related parties could detrimentally impact Salon's ability to continue its operations and Salon may be unable to continue as a going concern.

SALON LACKS SIGNIFICANT REVENUES AND HAS A HISTORY OF LOSSES

Salon has a history of significant losses and expects to incur operating losses in the near future. For the three months ended June 30, 2003, Salon had net losses attributable to common stockholders of $1.3 million and had an accumulated deficit of $83.6 million. If and when Salon does achieve profitability, Salon may not be able to sustain or increase profitability on a quarterly or annual basis in the future. If revenues grow more slowly than Salon anticipates or operating expenses exceed expectations, financial results will most likely be severely harmed and the ability of Salon to continue its operations will be seriously jeopardized.

Salon's independent accountants provided a "going-concern" audit opinion on the consolidated financial statements for the years ended March 31, 2003, 2002 and 2001. The audit opinion reported substantial doubt about Salon's ability to continue as a going concern, citing issues such as the history of losses and absence of current profitability. As a result of the "going-concern" opinion, Salon's stock price and investment prospects may be adversely affected, thus limiting financing choices and raising concerns about the realization of value on assets and operations."