Just read the 10-Q...looks terrible.
RESULTS OF OPERATIONS
The Company has not yet generated any revenue from its operations. The Company incurred operating expenses of $1,905 compared to $2,029 for the three months ended December 31, 2012 and 2011, respectively. The Company incurred operating expenses of $144,123 compared to $27,800 for the nine months ended December 31, 2012 and 2011, respectively. The increase in expenses is mainly related to an impairment loss on investment in joint venture that the Company recorded in 2012, of $131,000.
The Company reported a net loss of $324,405 and $2,029 for the three months ended December 31, 2012 and 2011, respectively. The increase in net loss is attributed to the loss on extinguishment of debt of $322,500, that was recorded in the current quarter. The Company reported a net loss of $30,371,673 for the nine months ended December 31, 2012, as compared to a net loss of $27,800 for the nine months ended December 31, 2011. The increase in net loss is attributed to an impairment loss on investment in joint venture of $131,000 and the loss on extinguishment of debt of $30,227,550, that was recorded in 2012.
PLAN OF OPERATION
Our current cash holdings will not satisfy our liquidity requirements and we will require additional financing to pursue our planned business activities. We are in the process of seeking equity or debt financing to fund our operations over the next 12 months. Management cautions that financing may not be available to us on acceptable terms or at all, and thus we could fail to satisfy our future cash requirements.
If we are unsuccessful in raising the additional proceeds through equity financing we will then have to seek additional funds through debt financing, which would be very difficult for a new development stage company to secure. If the company cannot raise proceeds via a financing through its common stock or secure debt financing it would be required to cease business operations. As a result, investors in the company would lose all of their investment.
Management does not plan to hire additional employees at this time. Our President will be responsible for current operations. We will use third party consultants should we require assistance in any activities.
AI
