Important notes from last filing: (June 2012)
Revenues
Total Revenues. Total revenues were $-0- and $10,000, for the three and six months ended June 30, 2012 and $175,700 and $175,700, for the three and six months ended June 30, 2011. Revenues consisted of consulting fees.
Nonoperating income.
Nonoperating was $-0- for the three and six months ended June 30, 2012 and $7,816 and $77,824 for the three and six months ended June 30, 2011. This result is from defaulting on a debt that was secured by the Companies common stock. The stock was forfeited and the balance of the debt was taken as income..
Discontinued operations.
Discontinued operations expense was $3,133 and $6,251 for the three and six months ended June 30, 2012 and $17,074 and $23,089 for the three and six months ended June 30, 2011.
This result is from the sale of its subsidiaries.
Due to related parties at June 30, 2012 was $1,599,062 and $1,607,666 at December 31, 2011. This result is from an officer and director of the company paying certain cost and expenses on behalf of the Company.
The note(s) payable carry and interest rate of 12% and 15% per annum. There is no required payment of principal and interest. The principal and interest will be paid when possible.
Liquidity and Capital Resources
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern which contemplates, among other things, the realization of assets and satisfaction of liabilities in the ordinary course of business.
The Company had a loss for the period ended June 30, 2012 of $576,532 and has incurred a loss for the period ended June 30, 2011 of $27,669. Because of the absence of positive cash flows from operations, the Company will require additional funding for continuing the development and marketing of products. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
At June 30, 2012 and at December 31,
2011 we had working capital deficit of $1,394,105 and $1,610,695, respectively, or the amount by which our current liabilities exceed our current assets. Our working capital deficit was due to the results of operations.
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There are many more notes in the latest financial filing. None of which indicate the company's ability to continue operating.
One important thing I
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