Total Sports Media Inc. (fka TSMI)

[PhantomRecce]

BI, I should have caught that myself. Here is the Going Concern statement from Last Quarter's 10-Q:

Going Concern

The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. For the three and six months ended February 28, 2014, the Company recorded an operating loss of $478,086 and used cash flow from operations of $284,008. As of February 28, 2014, the Company had a working capital deficit of $2,962,381. These factors raise substantial doubt about our ability to continue as a going concern.

Management is confident but cannot guarantee that additional capital can be raised in order to repay debts and continue operations. During the year ending August 31, 2014, the Company is obligated to make payments on certain operating leases, convertible debts, and a capital lease, among others. Normal operating costs are also significant and include consulting fees, professional fees, . . .

Thanks... I think you're right... Michael Hill is taking a very conservative route in his reporting.