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XML - IDEA: XBRL DOCUMENT - Magnolia Lane Income FundR11.htm
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10-Q - QUARTERLY REPORT - Magnolia Lane Income Fundf10q1012_palmerston.htm
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EX-32.2 - Magnolia Lane Income Fundex32.htm
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v2.4.0.6
Going Concern
6 Months Ended
Oct. 31, 2012
Going Concern [Abstract]  
GOING CONCERN
NOTE 3 – GOING CONCERN
 
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.  As reflected in the accompanying financial statements, the Company had a deficit accumulated during the development stage of $115,835, a net loss and net cash used in operations of $13,921 and $11,421 for the six months ended October 31, 2012, and of $48,404 and $13,770 for the six months ended October 31, 2011 and of $115,835 and $71,212 for the period from May 12, 2009 (Inception) to October 31, 2012, respectively. These conditions raise substantial doubt about its ability to continue as a going concern.
 
The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenues. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity for the Company to continue as a going concern.
 
The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.