The accompanying consolidated financial
statements have been prepared assuming the Company will continue as a going concern. As shown in the accompanying consolidated
financial statements, the Company incurred a net loss of $3,580,461 and $4,509,657 for the three months ended September 30, 2012
and 2011; incurred a net loss of $5,818,013 and $731,814 for the nine months ended September 30, 2012 and 2011. Further, the Company
had accumulated deficit of $3,200,599 as at September 30, 2012. These create an uncertainty about the Companys ability to
continue as a going concern. In this regard, the Companys Chairman has issued a letter of undertaking that he will provide
financial support to the Company (Note 17). These consolidated financial statements do not include any adjustments that might be
necessary if the Company is unable to continue as a going concern.