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Note 2 - Going Concern
12 Months Ended
Jun. 30, 2015
Notes  
Note 2 - Going Concern

NOTE 2 – GOING CONCERN

 

The accompanying consolidated financial statements have been prepared with the recognition that the Company is a shell corporation and that there is considerable doubt about whether the Company can continue as a going concern. As shown in the accompanying consolidated financial statements, the Company incurred a net loss of $822,876 for the year ended June 30, 2015 and has an accumulated deficit of $6,598,872at June 30, 2015. The Company also used cash in operating activities of $566,192 during the year ended June 30, 2015. At June 30, 2015, the Company had working capital of $291,331. 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 will need to obtain additional debt or equity financing. We are regularly and continually seeking additional funding from investors and from time to time we are in various stages of negotiations. Nonetheless, to date we have not accomplished a financing of the size needed to put the Company on a stable operating basis. There can be no assurance that we will be able to secure additional debt or equity financing, that we will be able to attain positive cash flow operations, or that, if we are successful in any of those actions, those actions will produce adequate cash flow to enable us to meet our future obligations. All of our existing financing arrangements are short-term. If we are unable to obtain additional debt or equity financing, we may be required to cease operations.