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2. GOING CONCERN | 12 Months Ended
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Dec. 31, 2012
Going Concern |
NOTE 2. GOING CONCERN |
2. | GOING CONCERN
As reflected in the accompanying consolidated financial statements for the years ended December 31, 2012 and 2011, the Company had net losses of $2,481,728 (which includes $832,225 of stock based compensation expense) and $2,547,493 (which includes $1,675,141 of stock based compensation expense), respectively and cash used in operations of $1,162,812 and $1,970,831, respectively. Additionally, at December 31, 2012, the Company had a working capital deficit of $2,153,779, stockholders’ deficit of $2,048,096, and accumulated deficit of $24,822,188. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Envision plans to pursue a capital raise to raise at least an additional $2,190,000 during the upcoming months. Further, the Company has ongoing projects that are expected to generate operating profits and we are seeking additional projects that will provide additional revenues and operating profits. All such actions and funds, if successful, are expected to be sufficient to cover monthly operating expenses as well as meet minimum payments with respect to the Company’s liabilities over the next twelve months in addition to providing additional working capital. From January 1, 2012 through December 31, 2012, the Company raised a net $966,000 from an earlier offering that ended in the period ended June 30, 2012. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

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- Definition Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations. + References No definition available. + Details
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