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Monday, October 28, 2013 10:02:54 AM
Liquidity and Capital Resources
As of August 31, 2013, the Company had cash on hand of $35,263 and $178,662 in accounts
receivables. The Company had total liabilities of $1,995,187. We believe that we have
sufficient cash on hand to meet our operating expense requirements for the next quarter. We
expect the majority of the liabilities will convert into common shares in the current fiscal year.
Additionally, the Company has not borrowed any new funds from the Magna Group since
November 2012, and the Company is hopeful that it will be able to extinguish that debt before
the end of the Company’s next fiscal quarter.
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