Quarterly report pursuant to Section 13 or 15(d)

Note 3 - GOING CONCERN MATTERS

v2.4.0.8
Note 3 - GOING CONCERN MATTERS
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Note 3 - GOING CONCERN MATTERS

The Company’s condensed consolidated financial statements are prepared using generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred significant recurring losses which have resulted in an accumulated deficit of $6,557,595 and working capital deficiency of $1,229,065 at September 30, 2014 and loss from operations of $1,120,482 for the nine months ended September 30, 2014 which raises substantial doubt about the Company’s ability to continue as a going concern.

 

Continuation as a going concern is dependent upon obtaining additional capital and upon the Company’s attaining profitable operations. The Company will require a substantial amount of additional funds to build a sales and marketing organization, and to fund additional losses which the Company expects to incur over the next few years. The Company recognizes that, if it is unable to raise additional capital, it may find it necessary to substantially reduce or cease operations. The accompanying condensed consolidated 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 from the outcome of this uncertainty.