10-Q!!!
Assets, marketable securities, $69K
Total assets $142K
Total liabilities, $10.7M
As of November 13, 2014, the Company had 1,194,549,997 shares of its common stock, par value $0.00001 per share, issued and outstanding.
Quarterly revenues, $27.5K
Cost of revenue, $31K
SG&A $188K
Operating loss ($191K) !!!
Gain on settlement of derivative liabilities $412,977
Net loss ($97,112)
Note 2 – Going Concern Matters and Realization of Assets
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the ordinary course of business. However, the Company has sustained substantial losses from its continuing operations in recent years and as of August 31, 2014, the Company has negative working capital of $10,671,177 and a stockholders’ deficit of $10,644,036. In addition, the Company is unable to meet its obligations as they become due and sustain its operations. The Company believes that its existing cash resources are not sufficient to fund its continuing operating losses, lease and debt payments and working capital requirements.
The Company may not be able to raise sufficient additional debt, equity or other cash on acceptable terms, if at all. Failure to generate sufficient revenues, achieve certain other business plan objectives or raise additional funds could have a material adverse effect on the Company’s results of operations, cash flows and financial position, including its ability to continue as a going concern, and may require it to significantly reduce, reorganize, discontinue or shut down its operations.
