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2. Going Concern
12 Months Ended
Jun. 30, 2012
Text Block [Abstract]  
2. Going Concern

The financial statements of the Company have been prepared on the basis of accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company had negative working capital of $1,071,378 and an accumulated deficit of $1,634,832 at June 30, 2012, and a net loss of $903,674 and negative operating cash flows of $289,707 for the fiscal year ended June 30, 2012.  These matters raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts, or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.

 

The Company has primarily funded its operations through the net proceeds received from the Company's issuance of stock to investors, and from issuance of convertible debt.  The Company plans to issue additional equity and/or debt to fund its future operations.

 

Based on the Company’s current liquidity position, the Company will need to raise additional capital through debt or equity funding within the next twelve months.  There is no assurance that any such financing will be available on acceptable terms or at all.  Should continuing funding requirements not be met, the Company’s operations may cease to exist.