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BASIS OF PRESENTATION AND GOING CONCERN
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Note 2 - BASIS OF PRESENTATION AND GOING CONCERN

The Company has accumulated a deficit of $13,866,420 at December 31, 2015. The Company currently has only limited working capital with which to continue its operating activities. The amount of capital required to sustain operations is subject to future events and uncertainties. The Company must secure additional working capital through loans, sale of equity securities, or a combination, in order to implement its current business plans. There can be no assurance that such funding will be available in the future, or available on commercially reasonable terms favorable to the Company. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

The accompanying consolidated financial statements have been presented on the basis of the continuation of the Company as a going concern and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

Management continued to manage its costs for the year ended December 31, 2015 to ensure appropriate funding is on hand for its continued operations through convertible debentures and financing from a related party. Management’s plans include the raising of capital through the equity markets to fund future operations and pay debts and generating of revenue through our business. However, even if we do raise sufficient capital to support our operating expenses and generate adequate revenues, there can be no assurances that the revenue will be sufficient to enable us to develop business to a level where we will generate profits and positive cash flows from operations.