GOING CONCERN AND LIQUIDITY |
9 Months Ended |
|---|---|
Oct. 31, 2016 | |
| GOING CONCERN AND LIQUIDITY: | |
| GOING CONCERN AND LIQUIDITY | 2. GOING CONCERN AND LIQUIDITY
As of October 31, 2016, the Company had cash of $1,303, insufficient revenue to meet its ongoing operating expenses, and liabilities of $722,163, accumulated losses of $1,365,238 and a shareholders deficit of $609,634.
In the audited financial statements for the fiscal years ended January 31, 2016 and 2015, the Reports of our Independent Registered Public Accounting Firm included an explanatory paragraph that describes substantial doubt about our ability to continue as a going concern.
The unaudited financial statements for the nine months ended October 31, 2016 have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company anticipates future losses in the development of its business raising substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans, loans from directors and, or, the sale of common stock. There is no assurance that this series of events will be satisfactorily completed.
Financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that may be necessary if the Company is unable to continue as a going concern. |