Quarterly report pursuant to Section 13 or 15(d)

GOING CONCERN MATTERS

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GOING CONCERN MATTERS
6 Months Ended
Jun. 30, 2015
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 $12,538,787 and working capital deficiency of $3,284,662 at June 30, 2015 and loss from operations of $3,973,894 for the six months ended June 30, 2015 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.