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GOING CONCERN
3 Months Ended
Dec. 31, 2012
Going Concern Disclosure [Abstract]  
Going Concern Disclosures [Text Block]

Note 2 - GOING CONCERN

 

The accompanying unaudited Consolidated Financial Statements have been prepared assuming the Company will continue as a going concern. As shown in the accompanying Consolidated Financial Statements, the Company incurred a net loss of $636,680 for three months ended December 31, 2012 and had accumulated losses of $1,478,368 at December 31, 2012. These create an uncertainty about the Company’s ability to continue as a going concern. In this regard, the management decided to close some less profitable branches and laid off excessive staff. Furthermore, the Company’s Chairman has issued a letter of undertaking that he will provide financial support to the Company (Note 15). The Consolidated Financial Statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.