Quarterly report pursuant to Section 13 or 15(d)

Going Concern

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Going Concern
9 Months Ended
Sep. 30, 2015
Going Concern  
Going Concern

NOTE 3 – GOING CONCERN

 

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business.

 

The Company had accumulated deficits of approximately $24,700,000 at September 30, 2015 and $21,800,000 at December 31, 2014, had net losses of approximately $2,965,000 and $3,547,000 for the nine months ended September 30, 2015 and 2014, respectively, as well as working capital deficits of approximately $4,820,000 at September 30, 2015 and approximately $4,943,000 at December 31, 2014. These matters, among others, raise substantial doubt about the Company’s ability to continue as a going concern.

 

While the Company is attempting to increase operations and generate additional revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations. The Company will continue to pursue additional equity and/or debt financing while managing cash flows from operations in an effort to provide funds to meet its obligations on a timely basis and to support future business development. There is no assurance that these efforts will be successful. Management believes that the actions presently being taken to further implement its business plan and generate additional revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate additional revenues and in its ability to raise the additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plans and generate additional revenues. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.