XML 12 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
NOTE 3 - GOING CONCERN
9 Months Ended
Mar. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

NOTE 3 – GOING CONCERN

 

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern.  As shown in the accompanying condensed consolidated financial statements, the Company incurred a loss from operations of $728,130 for the nine month period ended March 31, 2013 and has an accumulated deficit of $1,351,668 since its inception (July 5, 2011).  The Company also used cash in operating activities of $485,301 during the nine month period ended March 31, 2013, and $1,038,471 since its inception.  At March 31, 2013, the Company had negative working capital of $507,344.  The Company is in default on Notes Payable. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

 

In order for us to continue as a going concern, we expect to obtain additional debt or equity financing. There can be no assurance that we will be able to secure additional debt or equity financing, that we will be able to acquire cash flow positive operations, or that, if we are successful in any of those actions, those actions will produce adequate cash flow to enable us to meet all our future obligations. If we are unable to obtain additional debt or equity financing, we may be required to significantly reduce or cease operations.