a $40 Million contract? let's see it. Now that they are not filing with the SEC anymore - guess they can get away with saying anything. (or can they?) I guess they made it high enough to have a little something left off after paying all their debt off!
NOTE 3 - GOING CONCERN The accompanying financial statements have been prepared on a going concern basis which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the financial statements, during the years ended June 30, 2012 and 2013 and the three months ended September 30, 2013 the Company incurred net losses of $194,522, and 129,765 for the three months ended September 30 and the year ended June 30, 2013 respectively and income of $202,310 for the year ended June 30, 2012. The Company's accumulated deficit was $26,107,251, $26,653,052, and $25,775,056 as of September 30, 2013, June 30, 2013, and June 30, 2012 respectively. If the Company is unable to generate profits and is unable to continue to obtain financing for its working capital requirements, it may have to curtail its business sharply or cease business altogether. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustment relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company is taking certain steps to provide the necessary capital to continue its operations. These steps included, but are not limited to: 1) focus on sales to minimize the need for capital at this stage; 2) converting part of the outstanding accounts payable to equity; 3) raising equity financing; 4) continuous focus on reductions in cost where possible.
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