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Note 3 - Going Concern Matters
6 Months Ended
Jun. 30, 2013
Notes  
Note 3 - Going Concern Matters

NOTE 3 - GOING CONCERN MATTERS

 

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles which contemplate our continuation as a going concern. During the six months ended June 30, 2013 we had no revenues, incurred a net loss of $3.5 million, (3,526,694) and had negative cash flows from operations of $0.8 million82,905. In addition, we had an accumulated deficit of $86.9 million at June 30, 2013(86,933,333). These factors raise substantial doubt about our ability to continue as a going concern.

Recovery of our assets is dependent upon future events, the outcome of which is indeterminable. Our attainment of profitable operations is dependent upon our obtaining adequate debt or equity financing, developing products for commercial sale, and achieving a level of sales adequate to support our cost structure. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should we be unable to continue in existence.

Our efforts to raise additional funds will continue during fiscal 2013 to fund our planned operations and research and development activities, through one or more debt or equity financings.  Subsequent to June 30, 2013, we raised gross proceeds of $60,000 in a private placement of our common stock and warrants to accredited investors.  See Note 10.