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EXCEL - IDEA: XBRL DOCUMENT - BLUEGATE CORPFinancial_Report.xls
10-K - ANNUAL REPORT ON FORM 10-K - BLUEGATE CORPbgat10k2012.htm
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v2.4.0.6
Going Concern Considerations
12 Months Ended
Dec. 31, 2012
Going Concern Considerations  
Going Concern Considerations

2. GOING CONCERN CONSIDERATIONS

During the years ended December 31, 2012 and 2011, we have been unable to generate cash flows sufficient to support our operations and have been dependent on debt and equity raised from qualified individual investors and loans from a related party. We experienced negative financial results as follows:

    2012   2011
Net loss $ (528,397) $ (473,319)
Negative cash flow from operations   (47,175)   (34,276)
Negative working capital   (2,225,947)   (1,697,550)
Stockholders’ deficit   (2,225,947)   (1,697,550)

 

These factors raise substantial doubt about our ability to continue as a going concern. The financial statements contained herein do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should we be unable to continue in existence. Our ability to continue as a going concern is dependent upon our ability to generate sufficient cash flows to meet our obligations on a timely basis, to obtain additional financing as may be required, and ultimately to attain profitable operations. However, there is no assurance that profitable operations or sufficient cash flows will occur in the future.

We have supported current operations by obtaining loans from a related party.

These steps have provided us with the cash flows to continue our business, but have not resulted in significant improvement in our financial position. We are considering alternatives to address our cash flow situation that include:

o          Raising capital through additional sale of our common stock and/or debt securities

o          Reducing cash operating expenses to levels that are in line with current revenues.

These alternatives could result in substantial dilution of existing stockholders. There can be no assurance that our current financial position can be improved, that we can raise additional working capital or that we can achieve positive cash flows from operations. Our long-term viability as a going concern is dependent upon the following:

oOur ability to locate sources of debt or equity funding to meet current commitments and near-term future requirements.
oOur ability to achieve profitability and ultimately generate sufficient cash flow from operations to sustain our continuing operations.