Posted On: 05/29/2014 8:27:21 PM
Post# of 17862
This is everything in a nutshell JB:
The Company incurred a net loss of approximately $1,216,200 for the three-month period ended March 31, 2014 and has an accumulated deficit during the development stage of approximately $10,523,000 since October 9, 2006 (date of inception) to March 31, 2014. The Company had working capital deficit of approximately $6,544,000 as of March 31, 2014. In addition, the Company has total shareholders’ deficit of approximately $7,278,000 as of March 31, 2014. These factors, among others, raise substantial doubt as to its ability to continue as a going concern. In order to continue as a going concern, the Company needs to develop a reliable source of revenues, and achieve a profitable level of operations. During 2013 and 2012, the Company has been involved primarily with acquiring concessions for the extraction and harvesting of underwater forestry utilizing the Exhibit 1-5 NOTE –2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Company’s exclusive license agreement on the Tiger-Lynk technology. The Company has continued to organize and restructure the Company to meet the needs of shareholders and attract suitable financing. To fund operations for the next twelve months, the Company projects a need for $720,000 that will have to be raised through debt or equity. If the Company is unable to obtain adequate capital, it could be forced to cease operations.
The Company incurred a net loss of approximately $1,216,200 for the three-month period ended March 31, 2014 and has an accumulated deficit during the development stage of approximately $10,523,000 since October 9, 2006 (date of inception) to March 31, 2014. The Company had working capital deficit of approximately $6,544,000 as of March 31, 2014. In addition, the Company has total shareholders’ deficit of approximately $7,278,000 as of March 31, 2014. These factors, among others, raise substantial doubt as to its ability to continue as a going concern. In order to continue as a going concern, the Company needs to develop a reliable source of revenues, and achieve a profitable level of operations. During 2013 and 2012, the Company has been involved primarily with acquiring concessions for the extraction and harvesting of underwater forestry utilizing the Exhibit 1-5 NOTE –2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Company’s exclusive license agreement on the Tiger-Lynk technology. The Company has continued to organize and restructure the Company to meet the needs of shareholders and attract suitable financing. To fund operations for the next twelve months, the Company projects a need for $720,000 that will have to be raised through debt or equity. If the Company is unable to obtain adequate capital, it could be forced to cease operations.
(0)
(0)
