SoOum Corp. (fka SOUM)

[AnthonyTankHall]

Hey Trick, maybe you can help me understand something...

In the PR released today, it stated:

In conclusion, regardless of the challenges we may have faced in filing the audits, we have stayed focus on the goals addressed at the beginning of the year and extremely pleased we've covered much ground while accomplishing many areas. This summer will be an exciting time for SWRF.

But if you read the 10Q (on pg#5, the paragraph under title: Basis of Presentation, the first part:

The accompanying condensed balance sheet at March 3
1, 2013 and the condensed statements of operations and cash flows for the three months ended March 31, 2013 and 2012 are unaudited.

Do these two quotes not contradict themselves with the statements of one saying these financials are Audited vs the other stating they are Unaudited financials?

Just a little confused here with this...

And this concerned me as well =>>

GOING CONCERN
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. We incurred net losses of $ 154,019 in 2013 and $791,032 in 2012 respectively, for the three months ended March 31, 2012 and 2012 and had an accumulated deficit of $ 10,866,406 as of March 31, 2013. We have managed our liquidity during the fourth quarter of 2012 and first quarter of 2013 through cost reduction initiatives and the proceeds from the sale of common stock and issuances of convertible notes. The Company is in default on notes payable and outstanding judgments totaling $1,691,421 and $1,039,938 respectively, and expects to repay the notes payable, judgments and accrued interest plus all of its other liabilities from the proceeds derived from the operations of acquired companies, sell of stock, or a combination of both. This factors raise substantial doubt about the Company’s abilities to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.