NOTE 2 – GOING CONCERN AND MANAGEMENT'S LIQUIDITY PLANS
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11405538
Since inception, the Company has financed its operations primarily through equity and debt financings 'DILUTION' and advances from related parties. As of March 31, 2016, the Company had an accumulated deficit of $10,246,366.
During the six months ended March 31, 2016 and 2015, the Company incurred net losses of $432,288 and $981,186, respectively, and used cash in operating activities of $189,301 and $119,332, respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern.
The Company recognizes it will need to raise additional capital in order to fund operations, meet its payment obligations and execute its business plan. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company and whether the Company will generate revenues, become profitable and generate positive operating cash flow.
If the Company is unable to raise sufficient additional funds on favorable terms, it will have to develop and implement a plan to further extend payables and to raise capital through the issuance of debt or equity on less favorable terms until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. If the Company is unable to obtain financing on a timely basis, the Company could be forced to sell its assets, discontinue its operations and/or pursue other strategic avenues to commercialize its technology, and its intellectual property could be impaired.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11405538
Since inception, the Company has financed its operations primarily through equity and debt financings 'DILUTION' and advances from related parties. As of March 31, 2016, the Company had an accumulated deficit of $10,246,366.
During the six months ended March 31, 2016 and 2015, the Company incurred net losses of $432,288 and $981,186, respectively, and used cash in operating activities of $189,301 and $119,332, respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern.
The Company recognizes it will need to raise additional capital in order to fund operations, meet its payment obligations and execute its business plan. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company and whether the Company will generate revenues, become profitable and generate positive operating cash flow.
If the Company is unable to raise sufficient additional funds on favorable terms, it will have to develop and implement a plan to further extend payables and to raise capital through the issuance of debt or equity on less favorable terms until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. If the Company is unable to obtain financing on a timely basis, the Company could be forced to sell its assets, discontinue its operations and/or pursue other strategic avenues to commercialize its technology, and its intellectual property could be impaired.
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