XML 29 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
2. GOING CONCERN
12 Months Ended
Dec. 31, 2014
Going Concern  
2. GOING CONCERN

As reflected in the accompanying consolidated financial statements for the years ended December 31, 2014 and 2013, the Company had net losses of $3,146,302 (which includes $736,388 of stock based compensation expense) and $2,793,910 (which includes $557,967 of stock based compensation expense), respectively and cash used in operations of $1,817,122 and $1,591,667, respectively. Additionally, at December 31, 2014, the Company had a working capital deficit of $873,149, stockholders’ deficit of $582,799, and accumulated deficit of $30,762,400. 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 funds during the upcoming months and will look to raise additional funds for further operating capital and working capital later in the fiscal year. Further, the Company will seek additional sales that may provide additional revenues and operating profits. All such actions and funds, if successful, may or may not 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, 2014 through December 31, 2014, the Company raised $3,028,010 from an earlier offering that ended in the fiscal 2014 period.

 

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.