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GOING CONCERN
9 Months Ended
Sep. 30, 2011
GOING CONCERN 
GOING CONCERN

NOTE 2. GOING CONCERN.

 

The accompanying Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has suffered recurring losses, negative working capital and is dependent upon raising capital to continue operations. The Company has incurred losses resulting in an accumulated deficit of $8,251,856, and $7,867,384 as of September 30, 2011 and December 31, 2010, respectively.

 

The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plan to generate additional working capital by increasing revenue as a result of new sales and marketing initiatives and by raising additional capital from investors.

 

Management's plans with regards to these issues are as follows:

 

·         Locating and merging with other profitable private companies where the owners of these businesses are seeking liquidity and exit plans.

 

·         Expanding revenues by purchasing, or otherwise acquiring, profitable private businesses.

 

·         Continued development of Georgetown 14, located in Indianapolis, Indiana, our first acquisition, to increase revenues and profitability.

 

·         Completing due diligence with regard to the potential acquisition of the Movie Palace, located in Elizabethtown, Kentucky.

 

·         Locating and purchasing additional theaters.

 

·         Begin the acquisition process of Independent Insurance Agencies.

 

·         Expanding revenues by finding new customers who can benefit by utilizing the Company’s information retrieval service.

 

·         Using the 68,000 name prescription customer database to provide the foundation of the FullCircle Prescription Service, Inc. business.

 

·         Attracting contractors and agents to independently market our services and assist in our search for business candidates for acquisition.

 

·         Locating and working with new Company partners who will provide additional similar products.

 

·         Raising new investment capital, either in the form of equity or loans, sufficient to meet the Company's operating expenses until the revenues are sufficient to meet the Company’s operating expenses on an ongoing basis.

 

The Company cannot ascertain the eventual success of management's plans with any degree of certainty. No assurances can be given that the Company will be successful in raising immediate capital or that the Company will achieve profitability or positive cash flows.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described above. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.