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- Going concern
9 Months Ended
Sep. 30, 2011
- Going concern

Note 2 – Going concern

 

As of September 30, 2011, we had an accumulated deficit of $24,780,894.  In addition, the Company’s current liabilities exceed its current assets by $10,049,544 as of September 30, 2011. These conditions have raised substantial doubt about the Company’s ability to continue as a going concern.  Although our recent growth has greatly improved cash flows, we nonetheless need to obtain additional financing to fund payment of obligations and to provide working capital for operations.  Management is seeking additional financing, and is now looking for a merger or acquisition candidate. It is management’s objective to review the acquisition of interests in various business opportunities, which in their opinion will provide a profit to the Company.  Management believes these efforts will generate sufficient cash flows from future operations to pay the Company’s obligations and working capital needs.  There is no assurance any of these transactions will occur. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.