Annual report pursuant to Section 13 and 15(d)

GOING CONCERN

v3.5.0.1
GOING CONCERN
12 Months Ended
Dec. 31, 2015
Restated [Member]  
GOING CONCERN

 NOTE 13 – GOING CONCERN

 

As reflected in the accompanying financial statements, the Company has an accumulated deficit of $14,655,957 at December 31, 2015, had a net loss of $8,238,575 and net cash used in operating activities of $620,092 for year ended December 31, 2015. This raises substantial doubt about the Company's ability to continue as a going concern.

 

While the Company is attempting to increase operations and revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations.  Management intends to raise additional funds by way of debt and equity financing.  Management believes that the actions presently being taken to further implement its business plan and generate increased revenues provide the opportunity for the Company to continue as a going concern.  While the Company believes in the viability of its strategy to generate increased revenues and in its ability to raise additional funds, there can be no assurances to that effect.  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 increased revenues. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.