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EXCEL - IDEA: XBRL DOCUMENT - Modern Mobility Aids, Inc.Financial_Report.xls
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10-K - ANNUAL REPORT - Modern Mobility Aids, Inc.v327622_10k.htm
v2.4.0.6
Development Stage Activities and Going Concern
12 Months Ended
Jun. 30, 2012
Development Stage Enterprises [Abstract]  
Development Stage Activities and Going Concern
2 Development Stage Activities and Going Concern

 

The Company is in the development stage. During the period from December 19, 2007, through June 30, 2012, the Company was organized and incorporated, conducted a capital formation activity to raise $47,425 through the issuance of 195,480,000 shares of common stock, and realized $9,506 in revenues from sales.

  

During the year ended June 30, 2011, the Company’s Registration Statement on the Form S-1/A filed with the Securities and Exchange Commission was declared effective. The Company has sold 65,480,000 common shares at $0.0125 per share for total proceeds of $40,925 pursuant to this Registration Statement. Company hopes to conduct additional capital formation activities through the issuance of its common stock and to further conduct its operations.

 

The Company has abandoned its historic business which has generated little operating revenue and has had limited operations to date. Its Board of Directors has determined that the Company will seek to acquire business assets or stock in companies that either have existing operations or are in the development stage with the potential for successful operations. The Company will require financing to make such acquisitions. There can be no assurance it can secure such financing or that it will be able to make such acquisitions even if financing is available. Moreover, even if it acquires business assets or a business, there can be no assurance that the acquisitions will be successfully accomplished and that our operations thereafter will be profitable.

 

While management of the Company believes that the Company will be successful in its planned operating activities under its business plan and capital formation activities, there can be no assurance that it will be successful in implementation of its business plan or the formation of sufficient capital such that it will generate adequate revenues to earn a profit or sustain its operations.

 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United State of America, which contemplate continuation of the Company as a going concern. The Company has not established a source of revenues sufficient to cover its operating costs, and as such, has incurred an operating loss since inception. Further, as of June 30, 2012, and 2011, the Company had a working capital deficiency of $(467,171), and $(103,552), respectively. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments or classifications that may result from the possible inability of the Company to continue as a going concern.