v2.4.1.9

GOING CONCERN UNCERTAINTY AND MANAGEMENT'S PLAN | 9 Months Ended
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Mar. 31, 2015
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 $1,836,828 for the nine months ended March 31, 2015 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 $5,673,925 and a stockholders’ deficit of $1,308,175 at March 31, 2015. 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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