XML 22 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
LIQUIDITY AND FINANCIAL CONDITION
12 Months Ended
Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Liquidity And Financial Condition [Text Block]
NOTE 2 – LIQUIDITY AND FINANCIAL CONDITION
 
The Company intends to finance its activities through:
 
·
managing current cash on hand,
·
seeking additional funds raised in the future,
 
The Company’s financial statements for the year ended June 30, 2014 indicate there is substantial doubt about its ability to continue as a going concern as the Company is dependent on its ability to retain short term financing and ultimately to generate sufficient cash flow to meet its obligations on a timely basis in order to attain profitability, as well as successfully obtain financing on favorable terms to fund the Company’s long term plans. The Company continually projects anticipated cash requirements, which may include business combinations, capital expenditures, and working capital requirements. In accordance with the Plan of Reorganization, most of the Company’s accounts payable were converted into Equity, which had a favorable impact on liquidity. As of June 30, 2014, the Company had cash of approximately $101, and a working capital deficit of approximately $71 including note payable to stockholders due July 2015. During the period from July 12, 2013 through June 30, 2014, the Company used approximately $790 of cash for operations. The Company’s existing liquidity is not sufficient to fund its operations, anticipated capital expenditures, working capital and other financing requirements for the foreseeable future.
 
The Company needs to raise additional capital to cover its budgeted operating and capital expenditures. If the capital raising efforts are not successful, the Company might not be able to continue as a going concern. The consolidated 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 be necessary should the Company be not able to continue as a going concern. These factors among others create a substantial doubt about the Company’s ability to continue as a going concern.