Not the same thing. You have tried to make a case for this company being worth hundreds of millions of dollars- here is from their own 10k: this was put out a little over a month ago
Risks Related to our Financial Condition
There is substantial doubt about our ability to continue as a going concern.
Our auditor's report on our October 31, 2010 financial statements expressed an opinion that substantial doubt exists
as to whether we can continue as an ongoing business. On September 24, 2009, we secured $450,000 in a loan from
our founder and $15,000 from our prospectus offering, which prospectus was filed on Form 424A with the
Securities and Exchange Commission on January 14, 2008. We will need to raise additional capital, or we may be
required to suspend or cease activities within one year.
We have incurred an accumulative net loss of $272,646 for the period from October 1, 2007 (date of inception) to
October 31, 2010 and we have had no revenue. As of October 31, 2010, we had a working capital deficit of
$221,631. We anticipate our ongoing expenses over the next one year to be $1,200,000 for the one year period.
Mark Bruk, our president, treasurer and director, in addition to his investment in our common stock, has invested an
additional $52,064 in our company and made a $450,000 loan to the company. Our future is dependent upon our
ability to obtain financing and upon future profitable operations from the sale of our mobile device products. We
plan to seek additional funds through future debt or equity financing. Our financial statements do not include any
adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification
of liabilities that might be necessary in the event we cannot continue in existence.
As we have been issued an opinion by our auditors that substantial doubt exists as to whether we can continue as a
going concern, it may be more difficult for us to attract investors.
If we do not obtain adequate financing, our business will fail, which will result in the complete loss of your
investment.
Our current operating funds are not adequate for corporate existence over the next one year. Our cash balance as of
October 31, 2010 is $387,150 and we had a working capital deficit of $221,631. We anticipate our ongoing expenses
over the next one year to be $1,200,000 for the one year period. We require additional financing in order to maintain
our corporate existence and status as a reporting issuer and implement our business plans and strategy. We intend to
raise additional capital through future debt or equity financing.
Currently, management cannot provide investors with an accurate estimate of the additional proceeds required to
manufacture our mobile device products, establish our sales and marketing initiatives, and build our customer base.
Investors should be aware that even if we complete the manufacture of our mobile device products the costs
associated with marketing these products may be cost prohibitive, which would result in the total loss of any
investment made in our company. Additionally, if we are not successful in earning revenues, we may require
additional financing to sustain business operations.
Currently, we do not have any arrangements for financing and can provide no assurance to investors that we will be
able to obtain financing when required. Obtaining additional financing would be subject to a number of factors,
including our ability to attract interest from potential customers for our new mobile device products, changes in the
mobile device marketplace, and investor sentiment. These factors may have an effect on the timing, amount, terms
or conditions of additional financing and make such additional financing unavailable to us.
No assurance can be given that we will obtain access to capital markets in the future or that financing, adequate to
satisfy the cash requirements of implementing our business strategies will be available on acceptable terms. Our
inability to gain access to capital markets or obtain acceptable financing could have a material adverse effect upon
the results of our operations and upon our financial conditions.
We anticipate operating expenses will increase prior to earning revenue, if any, and we may never achieve
profitability.
Prior to establishing our sales and marketing initiatives, we anticipate that we will incur increased operating
expenses without realizing any revenue. Based upon current plans, we expect to incur operating losses in future
periods. Anticipated losses will occur because there are expenses associated with the manufacture of our mobile
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device products and establishing our sales and marketing initiatives. We will need to raise additional funds through
future debt or equity financing.
Within the next one year, increases in expenses associated with the manufacture of our mobile device products and
establishing our sales and marketing initiatives will be attributed primarily to the cost of suppliers, manufacturers
and sales and marketing personnel.
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