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2. Going Concern
6 Months Ended
Jun. 30, 2013
GoingConcernAbstract  
NOTE 2 - Going Concern

The Company has suffered losses from operations and, without additional capital, currently lacks liquidity to meet its current obligations. The Company had a net loss for six months ended June 30, 2013 and 2012 of $300,915 and $21,696,596, respectively. As of June 30, 2013, the Company had negative working capital of $8,601,530 and an accumulated deficit of $56,438,535. Unless additional financing is obtained, the Company may not be able to continue as a going concern.  In the six months ended June 30, 2013, the Company raised $200,000 through the issuance of a promissory note and $417,500 through the sale of common stock. During 2012, the Company raised $870,000 through issuance of preferred stock, $143,829 through the issuance of common stock and received $3,483,103 through issuance of promissory notes. The Company is seeking additional capital in connection with potential acquisitions.  However, due to the current economic environment and the Company’s current financial condition, we cannot assure current and future stockholders there will be adequate capital available when needed and on acceptable terms. 

 

The financial statements were prepared on a going concern basis which contemplates the realization of assets and the settlement of liabilities in the normal course of business. 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 if the Company is unable to continue as a going concern.