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v2.4.0.6
Going Concern
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Going Concern

 

2. Going Concern

The Company’s financial statements have been prepared on the basis that it will operate as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred net losses each year since inception and has relied on the sale of its stock from time to time and loans from third parties and from related parties to fund its operations.

These recurring operating losses, liabilities exceeding assets and the reliance on cash inflows from an institutional investor and current stockholder have led the Company’s independent registered public accounting firm Webb & Company, P.A. to include a statement in its audit report relating to the Company’s audited consolidated financial statements for the year ended December 31, 2011 and 2010 expressing substantial doubt about the Company’s ability to continue as a going concern.

The Company experienced an increase in cash used in operations in 2011 and anticipates additional cash will be needed to support operations. Management believes that through the raise of additional capital, cash from sales and current working capital the Company will have sufficient resources to sustain its operations at its current level through the end of 2012. However, if budgeted sales levels are not achieved and/or significant unanticipated expenditures occur, the Company may have to modify its business plan, reduce or discontinue some of its operations or seek a buyer for all or part of its assets to continue as a going concern through 2012. There can be no assurance that the Company will be able to raise the additional capital needed to continue as a going concern.