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Note 1 - Nature of Operations and Continuance of Business
12 Months Ended
Dec. 31, 2016
Notes  
Note 1 - Nature of Operations and Continuance of Business

NOTE 1 – NATURE OF OPERATIONS AND CONTINUANCE OF BUSINESS

 

DNA Testing Centers, Corp. (the “Company”) was incorporated in Florida on July 3, 2014. On July 3, 2014, the Company acquired DNA Testing Centers of Canada Ltd. (“DNA Canada”). DNA Canada performs testing related to analyzing and monitoring an individual’s genetic makeup. The acquisition was treated consolidated as an entity under common control.

 

These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at December 31, 2016, the Company has an accumulated deficit of $323,282, a working capital deficit of $113,353, and realized negative cash flows from operations totaling $80,935 for the year ended December 31, 2016. The Company currently has limited liquidity, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.