XML 21 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
Note 2 - Going Concern
9 Months Ended
Mar. 31, 2015
Notes  
Note 2 - Going Concern

NOTE 2 – GOING CONCERN

 

The accompanying 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 net loss of $417,451 for the nine months ended March 31, 2015 and has an accumulated deficit of $6,193,447 as of March 31, 2015.  The Company also used cash in operating activities of $378,911 during the nine months ended March 31, 2015.  At March 31, 2015, the Company had working capital of $56,338.   These factors raise substantial doubt about the Company’s ability to continue as a going concern.

 

In order for the Company to continue as a going concern, the Company expects to obtain additional debt and/or equity financing.  The Company is regularly and continually seeking additional funding from investors and from time to time is in various stages of negotiations.  Nonetheless, to date the Company has not accomplished a financing of the size needed to put the Company on a stable operating basis. There can be no assurance that the Company will be able to secure additional debt or equity financing, that it will be able to attain positive cash flow operations, or that, if it is successful in any of those actions, those actions will produce adequate cash flow to enable it to meet our future obligations. All of our existing financing arrangements are short-term. If the Company is unable to obtain additional debt and/or equity financing, it may be required to significantly reduce or cease operations.