Trucept Inc. (OTCBB: TREP), a provider of human resources and PEO services, reported last Friday that revenue fell 23.2% in the nine months ended Sept. 30 compared to the same period last year to approximately $3.7 million. It also reported $28.5 million in disputed third-party liabilities that had previously been classified as delinquent payroll taxes.

The Irvine, Calif.-based firm, which maintains executive offices in Escondido, Calif., reported a working capital deficit of $30.3 million.

It also noted that a decrease in cost of revenue was the result of a loss of client.

In its filing, the company outlined plans to improve its financial condition that include continuing to grow its PEO business line, offering various insurance and other products and services to its clients, continuing to look for opportunities to grow organically, and outsourcing repetitive and labor-intensive functions to reduce payroll.