Fuse Science Inc (DROP)

[Tontis_Acheater]

Fuse Science GOING CONCERN notice directly from 10-K

The Company has not established sources of revenue sufficient to fund the development of the business, projected operating expenses and commitments for the next twelve months. The Company had a net loss from operations of $(8,944,785) during the nine month period ended June 30, 2013. Included in this loss, the Company recorded non-cash compensation of $2,813,436 which relates to contracts entered into by the Company for current and future services undertaken for marketing and promotional activities by brand athletes through endorsement contracts, as well as contracts with consultants to provide professional services and employment contracts with the Company’s key employees. At June 30, 2013, current assets are $1,922,226 and current liabilities are $1,940,029. Further, at June 30, 2013, the accumulated deficit amounted to $32,058,829. These conditions raise serious doubt about the Company’s ability to continue as a going concern.