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GOING CONCERN
9 Months Ended
Mar. 31, 2014
Notes to Financial Statements  
GOING CONCERN

NOTE 12. 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 $1,226,927 and an accumulated deficit of $2,682,528 at March 31, 2014, and a net loss of $289,247 and negative operating cash flows of $24,024 for the nine months ended March 31, 2014.  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. Based on the Company’s current liquidity position, the Company plans 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.