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GOING CONCERN
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
NOTE C - GOING CONCERN

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has reported a net loss from continuing operations of $4,495,728 and $10,052,360 for the years ended December 31, 2011 and 2010, respectively.  As of December 31, 2011, the Company has reported an accumulated deficit of $16,478,100 and a working capital deficit of $3,224,885, and has been dependent on issuances of debt and equity instruments to fund its operations.

 

The Company intends to increase its future profitability and seek new sources or methods of revenue to pursue its business strategy.  If the Company’s financial resources from operations are insufficient, the Company will require additional financing in order to execute its operating plan and continue as a going concern. The Company cannot predict whether this additional financing will be in the form of equity or debt, or be in another form. The Company may not be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all.  In any of these events, the Company may be unable to implement its current plans for expansion, repay its debt obligations as they become due, or respond to competitive pressures, any of which circumstances would have a material adverse effect on its business, prospects, financial condition and results of operations.

 

The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.