I think this quote from the report says it all really:
"1. Our auditor has expressed substantial doubt regarding our ability to continue as a going concern.
We continue to incur losses in our operations. While we expect to generate revenues within the next fiscal year, there is no assurance that we will be successful. "
Again, it is hard to generate revenue with no product. They raised cash and were unable to release existing software to run on existing platforms using existing emulators.
On the video media side they state that they do not expect to be able to raise the funds required. Hardly surprising as even producing something as cheap as hand-cam filming a street busker and making it available on Pirate Bay seems to be beyond their ability.
"During the year ended March 31, 2014, the Company issued 2,685,633 shares for cash totaling $247,774 and issued 1,631,672 shares of common stock to employees and third party consultants as compensation"
In 12 months of operations, even with minimal staff, I don't expect much (or any) of that $247,774 to be left, but I bet the people who received those 1,631,672 shared as "compensation" are actively (desperately?) trying to drive that price higher. It explains the more enthusiastic members of this page.
"Revenues in the amount of $11,000 for the fiscal year ended March 31, 2014 were comprised of $11,000 for the delivery of gaming titles to the Microsoft Corporation. "
So the sole source of income was a payment from Microsoft for some pre-existing titles? I'd like some details on this.
"Wages and benefits expenses decreased 15.1% to $210,578" and "Other general and administrative expenses increased to $249,768... consist primarily of company’s increase in business development, consulting fees and other expenses"
The money seems to be going somewhere. I think it is time to re-quote the auditor:
"Our auditor has expressed substantial doubt regarding our ability to continue as a going concern. "
