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"LIQUIDITY AND CAPITAL RESOURCES
At June 30, 2015, the Company had an accumulated deficit since January 10, 2006 (the date of quasi reorganization) of $4,211,461. Liquid assets at June 30, 2015 consisted primarily of cash and cash equivalents of $59,632. Current liabilities of $2,073,080 exceeded current assets by $1,648,939. Historically, we have financed our business through cash generated from ongoing operations, proceeds from sale of common stock to third party investors, borrowings from financial institutions, advances received from related parties, and officers of the Company. The company is currently pursuing financing alternatives.
Cash decreased $127,756 to $59,632 at June 30, 2015, as compared to $187,389 at December 31, 2014, which results from the following:
Net loss $ (616,034) Adjustments to reconcile net loss to net cash 285,569 Changes in operating assets and liabilities 101,276 Net cash used by operating activities (229,189) Investing activities (1,328) Financing activities 102,761
Net decrease in cash $ (127,756)
We need to push for audited financials especially after reading the below. There is a very good chance the financial health of this company is better than what is being listed in the report. An accurate audit will help us setting everything straight.... just a thought....
