Note 3 - Going Concern Matters
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12 Months Ended |
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Dec. 31, 2012
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Notes | |
Note 3 - Going Concern Matters |
NOTE 3 - GOING CONCERN MATTERS
The Companys 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 ($1,598,591) working capital deficiency of $1,141,259 and negative cash flow from operations of ($927,758) at December 31, 2012 which raises substantial doubt about the Companys ability to continue as a going concern.
Continuation as a going concern is dependent upon obtaining additional capital and upon the Companys 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 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.
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- Definition
If there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date), disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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