+1
Why all the bashing just because the gov't paid some attention to the company? Sheesh.
However:
Quote:
Going Concern Consideration
Due to our limited amount of additional committed capital, recurring losses, negative cash flows from operations and our ability to pay outstanding liabilities, in their report for the fiscal year ended June 30, 2013, our independent auditors stated that there is substantial doubt about our ability to continue as a going concern. These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, assuming that we will continue as a going concern.
Since inception, we have incurred operating losses and negative cash flows from operations. As of June 30, 2013, we had an accumulated deficit of $75,303, with total stockholders’ deficit of $13,357. We had a working capital deficit of $12,110 at June 30, 2013 and are currently in default of the related party note payable disclosed in note 8. The note that matured on June 30, 2013 has not been extended and is payable upon demand.
We have undertaken, and will continue to implement, various measures to address our financial condition, including:
● Continue discussions with existing and potential new investors to invest in us.
● Seek debt, equity and other forms of financing, including funding through strategic partnerships.
● Attempt to increase revenues in order to reduce or eliminate our operating losses and enable us to meet our financial obligations.
● Reduce expenses to conserve cash.
● Defer certain marketing activities.
● Investigate and pursue transactions with third parties, including strategic transactions and relationships.
There can be no assurance that we will be able to secure the additional funding we need. If our efforts to do so are unsuccessful, we will be required to further reduce or eliminate our operations. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of these uncertainties.
http://getg.ir.edgar-online.com/fetchFilingFrameset.aspx?FilingID=9525563&Type=HTML
Bummer, I really liked this stuff.
Why all the bashing just because the gov't paid some attention to the company? Sheesh.
However:
Quote:
Going Concern Consideration
Due to our limited amount of additional committed capital, recurring losses, negative cash flows from operations and our ability to pay outstanding liabilities, in their report for the fiscal year ended June 30, 2013, our independent auditors stated that there is substantial doubt about our ability to continue as a going concern. These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, assuming that we will continue as a going concern.
Since inception, we have incurred operating losses and negative cash flows from operations. As of June 30, 2013, we had an accumulated deficit of $75,303, with total stockholders’ deficit of $13,357. We had a working capital deficit of $12,110 at June 30, 2013 and are currently in default of the related party note payable disclosed in note 8. The note that matured on June 30, 2013 has not been extended and is payable upon demand.
We have undertaken, and will continue to implement, various measures to address our financial condition, including:
● Continue discussions with existing and potential new investors to invest in us.
● Seek debt, equity and other forms of financing, including funding through strategic partnerships.
● Attempt to increase revenues in order to reduce or eliminate our operating losses and enable us to meet our financial obligations.
● Reduce expenses to conserve cash.
● Defer certain marketing activities.
● Investigate and pursue transactions with third parties, including strategic transactions and relationships.
There can be no assurance that we will be able to secure the additional funding we need. If our efforts to do so are unsuccessful, we will be required to further reduce or eliminate our operations. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of these uncertainties.
http://getg.ir.edgar-online.com/fetchFilingFrameset.aspx?FilingID=9525563&Type=HTML
Bummer, I really liked this stuff.
