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Friday, 11/13/2015 8:57:40 AM

Friday, November 13, 2015 8:57:40 AM

Post# of 72316
The accompanying unaudited interim consolidated financial statements of Elray have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company sustained a net loss of $2,397,154 and utilized cash for operating activities of $44,783 for the nine months ended September 30, 2015. The Company had a working capital deficit and stockholders' deficit of $9,947,102 and $8,393,345, respectively, at September 30, 2015. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. Without realization of additional capital, it would be unlikely for Elray to continue as a going concern. Elray's management plans on raising cash from public or private debt or equity financing, on an as needed basis, and in the longer term, revenues from the gambling business. Elray's ability to continue as a going concern is dependent on these additional cash financings, and, ultimately, upon achieving profitable operations through the development of its gambling business.