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Note 3 - Going Concern
12 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Substantial Doubt about Going Concern [Text Block]

NOTE 3 - GOING CONCERN

 

These consolidated financial statements have been prepared on a going concern basis, which assumes the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the ordinary course of business. The Company’s operations have resulted in a net loss of $1,634,248 for the year ended June 30, 2023 (2022 - $1,379,207), and an accumulated deficit of $71,375,059 ( June 30, 2022 - $69,740,811) and a working capital deficiency of $9,856,235 as at June 30, 2023 ( June 30, 2022 - $8,221,987). The Company does not have sufficient revenue-producing activities to fund its expenditure requirements to continue to advance researching, developing and commercializing its conductive plastics technology, ElectriPlast. The Company estimates that, does not have sufficient funding to continue operating activites; however, it has been able to raise funding to mange continuing to be a publicly traded Company and looks to continue raising funding to operate in this sector. The lack of funding raises substantial doubt about the Company’s ability to continue as a going concern.

 

These consolidated financial statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate because management believes that the actions already taken or planned will mitigate the adverse conditions and events that raise doubts about the validity of the going concern assumption used in preparing these consolidated financial statements. Management intends to raise additional capital through stock and debt issuances to finance operations. If none of these events occur, there is a risk that the business will fail.