In fact i newer saw a more awfull 10K than this one. Looks like it is written by a 10 year old. I was planning to buy but when i red this paragraph, i decided not to.
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Our auditors have not issued a going concern opinion. This means that our auditors believe there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not purchased a significant number of contracts or generated any revenues from the development.
We cannot guarantee that we will stay in business. We will either have to suspend operations until we raise additional cash, or cease operations entirely.
We do not have sufficient cash to satisfy our cash requirements during the next twelve months. We will not be conducting any product research or development. We intend to hire additional employees on an as needed basis.
We intend to accomplish the foregoing through the following milestones:
1) We will raise additional working capital via share issues and-or borrowings .
2) We will conduct geological studies and prepare geological reports on the Arctic Claims.
3) We will pursue legal efforts to perfect our claim on the Arctic Ocean Commons hydrocarbons resources.
4) We will pursue potential strategic major independent oil company partners in each of the five countries facing the Arctic Ocean Commons.
If we cannot generate sufficient capital to continue operations, we will suspend or cease operations. If we cease operations, we do not know what we will do and we do not have any plans to do anything else. If this occurs, you will lose all of your investment.
Limited operating history; need for additional capital
There is no historical financial information about us upon which to base an evaluation of our performance. We are in start-up stage operations and have not generated any revenues. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the oil and gas exploration business, including political risks associated with the Arctic Claim, limited ice-capable exploration equipment resources available for hire or purchase, market price variations for oil and gas, limited capital resources and possible cost overruns due to price and cost increases in services and products.
We have no assurance that future oil and gas exploration-development financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders
