FastFunds Financial Corp (fka FFFC)

[Da Ghost]

FFFC
page 6

From 10Q released 8/19/2013
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9467890

Going concern and management’s plans:
In the Company’s Annual Report on Form 10-
K for the fiscal year ended December 31, 2012, the
Report of the Independent Registered Public
Accounting Firm includes an explanatory paragraph t
hat describes substantial doubt about the Company’
s ability to continue as a going concern. The
Company’
s interim financial statements for the three and si
x months ended June 30, 2013 and 2012 have been pre
pared on a going concern basis,
which contemplates the realization of assets and th
e settlement of liabilities and commitments in the
normal course of business. The Company
reported a net loss of $865,535 for the six months
ended June 30, 2013, and has a working capital defi
cit of approximately $10,126,799 and
accumulated deficit of approximately $24,051,751 as
of June 30, 2013. Moreover, the Company presently
has no significant ongoing business
operations or sources of revenue and has little res
ources with which to obtain or develop new operatio
ns.
These factors raise substantial doubt about the Com
pany’
s ability to continue as a going concern. The finan
cial statements do not contain any
adjustments relating to the recoverability and clas
sification of assets or the amounts and classificat
ion of liabilities that might be necessary should t
he
Company be unable to continue as a going concern.
The Company currently expects to receive approximat
ely $30,000 annually pursuant to the Preferred Stoc
k it holds of an unaffiliated party (see note 3),
as well as minimal cash from the Nova remaining cre
dit card portfolio. However, the Company has not re
ceived the quarterly dividend from its’
investment since the quarter ended June 30, 2012, a
nd has not received any cash from the Nova portfoli
o since 2012. These factors raise substantial
doubt about the Company’
s ability to continue as a going concern. There can
be no assurance that the Company will have adequat
e resources to fund
future operations, if any, or that funds will be av
ailable to the Company when needed, or if available
, will be available on favorable terms or in
amounts required by the Company. Currently, the Com
pany does not have a revolving loan agreement with
any financial institutions, nor can the
Company provide any assurance it will be able to en
ter into any such agreement in the future. The cond
ensed consolidated financial statements do
not include any adjustments relating to the recover
ability and classification of assets or the amounts
and classification of liabilities that might be
necessary should the Company be unable to continue
as a going concern.
The Company evaluates, on an ongoing basis, potenti
al business acquisition/restructuring opportunities
that become available from time to time, which
management considers in relation to its corporate p
lans and strategies.

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9467890