v2.4.1.9

GOING CONCERN UNCERTAINTY AND MANAGEMENT'S PLAN | 6 Months Ended
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Dec. 31, 2014
GOING CONCERN UNCERTAINTY AND MANAGEMENT'S PLAN: |
GOING CONCERN UNCERTAINTY AND MANAGEMENT'S PLAN | 2. GOING CONCERN UNCERTAINTY AND MANAGEMENT’S PLAN The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate the continuation of the Company as a going concern. The Company had a net loss applicable to common shareholders of $1,140,850 for the six months ended December 31, 2014 and a net loss applicable to common shareholders of $2,510,089 for the year ended June 30, 2014. Further, the Company had a working capital deficit of $3,914,143 and a stockholders’ deficit of $1,677,984 at December 31, 2014. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is anticipating revenue growth through expansion of its customer base, and is also actively seeking financing through new and existing investors to fund operations. There is no assurance that the Company can reverse its net losses, or that the Company will be able to raise capital. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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