Still no audited fins, reverse splits in the past to keep the company going, only 4.1 million paid from the MS suite and heavy debt. All from Otocber/Novembers 10q
From the note 11 section from the 10q from last October:
Note 11- Income Taxes
For the nine months ended September 30, 2016 and 2015, the Company recognized net income of $4,306,356 and net loss of ($265,826), respectively. The Company did not record any provision for income taxes because the net income for these periods was offset by available net operating losses of approximately $18.9 million and $18.1 million, respectively.
Basis of Presentation - Unaudited Interim Financial Information
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the rules and regulations of the United States Securities and Exchange Commission to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
As reflected in the accompanying financial statements, for the nine months ended September 30, 2016, the Company incurred a loss from operations of $1,416,296 and at September 30, 2016, the Company had a stockholders’ deficit of $7,621,534. These factors raise substantial doubt about the Company’s ability to continue as a going concern. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2015 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
