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EXCEL - IDEA: XBRL DOCUMENT - MEDICAL INTERNATIONAL TECHNOLOGY INCFinancial_Report.xls
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v2.4.0.6
Business Activities and Related Risks
12 Months Ended
Sep. 30, 2012
Business Activities and Related Risks [Abstract]  
Business Activities and Related Risks
 
 
Note 1 –   Business Activities and Related Risks
 
Medical International Technology, Inc. (the "Company") was incorporated in Colorado on July 19, 1999, under the name, Posterally.com, Inc. The Company filed an amendment to its articles of incorporation on September 24, 2002 changing its name to Medical International Technology, Inc.
 
The Company is in the business of manufacturing and marketing a needle free device for use in injecting medicine and supplements for human and animal use.
 
Going Concern:
 
The Company has incurred net losses aggregating $ 752,432 during the two years ended September 30, 2012.  In addition, the Company has a working capital deficiency of $1,075,553 and a stockholder’s deficiency of $684,564 at September 30, 2012. These factors, amongst others, raise substantial doubt about the Company’s ability to continue as a going concern.
 
There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Further, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company’s existing stockholders.
 
The accompanying financial statements do not include any adjustments related to the recoverability or classification of asset carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.
 
The Company has developed a plan to address liquidity in the following ways:
 
Increase revenue through the sale of needle free devices and related products
 
To raise capital through the sale or exercise of equity securities