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LIQUIDITIY AND GOING CONCERN | 6 Months Ended
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Dec. 31, 2013
Organization, Consolidation and Presentation Of Financial Statements [Abstract] |
LIQUIDITIY AND GOING CONCERN | NOTE 2 – LIQUIDITIY AND GOING CONCERN The accompanying condensed consolidated 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. The Company has incurred an accumulated deficit of $5,639,000 through December 31, 2013, and had limited cash or other working capital as of December 31, 2013. To date, the Company’s revenues and operating cash flows have not been sufficient to sustain its operations. The audit report dated October 15, 2013, from the Company's independent registered public accounting firm indicated that the Company's significant accumulated deficit and its need to raise immediate additional financing among other factors, raised substantial doubt about the Company's ability to continue as a going concern. On October 16, 2013, the Company amended its debt Stockholder Notes Payable and credit line agreements (see Note 4) with Esenjay Investments, LLC (“Esenjay”). The amendments extended the maturity dates and modified annual interest rates of all debt instruments held by Esenjay to December 31, 2015, increased the Line of Credit to $ 2,000,000, and provided for the option to convert any or all of the amount outstanding under the debt agreements, as amended, into shares of our common stock. As part of the Company’s financing plan established in 2013, management has engaged financial advisors to assist in securing additional equity capital of up to $ 2.5 million. The Company contracted with Security Research Associates in 2013 as its exclusive placement agent. Although the Company was able to amend its current debt facilities with Esenjay, the Company’s ability to continue as a going concern is dependent on obtaining additional financing sufficient to sustain operations until positive cash flow from operations and profitability can be achieved. Management plans to continue to seek additional equity financing to generate the capital required to fund its current operations and future planned growth. In addition, the Company is pursuing other investment structures that management believes may generate the necessary funding for the Company. Although management believes that the additional required funding will be obtained, there is no guarantee the Company will be able to obtain the additional required funds on a timely basis or that funds will be available on terms acceptable to the Company. If such funds are not available when required, management will be required to curtail its investments in additional sales and marketing and product development resources, and capital expenditures, which may have a material adverse effect on the Company’s future cash flows and results of operations, and its ability to continue operating as a going concern. The accompanying financial statements do not include any adjustments that would be necessary should the Company be unable to continue as a going concern and, therefore, be required to liquidate its assets and discharge its liabilities in other than the normal course of business and at amounts that may differ from those reflected in the accompanying condensed consolidated financial statements.

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