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Note 2 - Going Concern
3 Months Ended
Jun. 30, 2011
Liquidity Disclosure [Policy Text Block]
NOTE 2: GOING CONCERN

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern.  However, the Company has sustained substantial operating losses in recent years, has used substantial amounts of working capital in its operations and at June 30, 2011, current liabilities exceed current assets by approximately $1,308,000.  The Company is currently in default on their line of credit and its long-term mortgages, yet at June 30, 2011, the Company is current on both primary mortgages for each of the buildings, and is current on its interest payments against the line of credit.  Rental income from the commercial buildings is now collected by the Bank and those proceeds are utilized for the principal and interest payments on the mortgages, with all remaining cash utilized to pay principal and interest on the line of credit.   During June, 2010, the bank commenced two legal proceedings (Note 9).  Certain of the Company’s assets are being offered for sale which, upon consummation of a successful sale, would be expected to cure the defaults.

In view of these matters, realization of a major portion of the assets in the accompanying consolidated balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon curing defaults, satisfying current liabilities and the success of future operations.  Management believes that actions presently being taken along with management’s future plans to raise cash through the sale of other long-term assets, provide the opportunity for the Company to continue as a going concern.