Quarterly report pursuant to Section 13 or 15(d)

NOTE 2 - GOING CONCERN

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NOTE 2 - GOING CONCERN
9 Months Ended
Sep. 30, 2014
Note 2 - Going Concern  
NOTE 2 - GOING CONCERN

NOTE 2 – GOING CONCERN

 

As reflected in the accompanying unaudited financial statements, the Company had a net loss and cash used in operations for the nine months ended September 30, 2014 of $575,866 and $272,578 and the working capital deficit, stockholders’ deficit and accumulated deficit as of September 30, 2014 was $1,051,429, $1,041,301 and $5,928,152 respectively. These matters raise substantial doubt about the Company’s ability to continue as a going concern.

 

The ability of the Company to continue as a going concern is dependent on the Company’s ability to further implement its business plan and raise capital. Management has been obtaining short term loans from friends and family, postponement of salary payments by officers with subsequent forgiveness of accrued amounts and extensions on payments to certain suppliers.

 

Our management continues to engage in discussions with the capital markets to raise additional funds for expansion including software development and marketing. Our strategy is to grow revenues by looking for additional markets outside of our core business focus in addition to developing our software and customer services businesses. Part of the increase in our debt relates to investments in sales and marketing and costs for developing a new software product which is expected to be released sometime in late 2014.

 

Management believes that the actions presently being taken provide the opportunity for the Company to continue as a going concern. Ultimately, the continuation of the Company as a going concern is dependent upon the ability of the Company to generate sufficient revenue and to attain profitable operations. These unaudited financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.