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Going Concern Uncertainties
12 Months Ended
Jun. 30, 2015
Going Concern Uncertainties  
Going Concern Uncertainties

NOTE 2 – GOING CONCERN UNCERTAINTIES

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of June 30, 2015, the Company suffered an accumulated deficit of $15,436,321 and the Company had generated limited revenue and had no committed sources of capital or financing for the reporting period.

 

These consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.

 

As of June 30, 2015, the Company suffered the accumulated deficits of $15,436,321 from prior years and suffered from a working capital deficit of $20,288. The continuation of the Company as a going concern is dependent upon the continuing financial support from its stockholders or external financing. Management believes the existing stockholders will provide the additional cash to meet with the Company’s obligations as they become due. However, there can be no assurance that the Company will be able to obtain sufficient funds to meet its obligations.

 

These factors raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern.