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Thursday, October 10, 2013 11:54:58 AM
The accompanying financial statements, which have been prepared in conformity with
accounting principles generally accepted in the United States of America, contemplates the
continuation of the Company as a going concern. However, the Company has been in the
development stage since its inception (April 26, 2000), sustained significant losses and has
used capital raised through the issuance of stock to fund activities. Continuation of the
Company as a going concern is contingent upon establishing and achieving profitable
operations. Such operations will require management to secure additional financing for the
Company in the form of debt, equity, the sale of marketing right to Geographical regions and
Licence Fee.
Management believes that actions currently being taken to revise the Company’s funding
requirements will allow the Company to continue marketing the Company’s products and
services. However, there is no assurance that the necessary funds will be realized by
securing debt or through stock offerings.
The management has initiated the process to sell the HCGT Licences in specific
geographical regions and this cash flow will be expected to sustain the company’s on-going
operations.
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