GOING CONCERN

3 Months Ended

Dec. 31, 2012

Going Concern [Abstract]

Going Concern [Text Block]

3. GOING CONCERN

The Company has not established sources of revenue sufficient to fund the development of the business, projected operating expenses and commitments for the next twelve months. The Company had a net loss from operations of $(2,105,174) during the three month period ended December 31, 2012. Included in this loss, the Company recorded non-cash compensation of $738,344 which relates to contracts entered into by the Company for current and future services undertaken for marketing and promotional activities by brand athletes through endorsement contracts, as well as contracts with consultants to provide professional services and employment contracts with the Company’s key employees. At December 31, 2012, current assets are $739,539 and current liabilities are $1,160,923. These conditions raise serious doubt about the Company’s ability to continue as a going concern. No adjustments have been made as a result of this uncertainty.