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3. GOING CONCERN
9 Months Ended
Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company has an accumulated deficit of $6,480,496 as of March 31, 2015, including a net loss of $116,734 during the nine-month period ended March 31, 2015 and a deemed dividend as a result of the beneficial conversion feature expense of $1,470,053 recorded as a result of an equity investment transaction. The historical losses have adversely affected the liquidity of the Company. Although losses are expected to be curtailed during the current fiscal year due to the planned divestiture of the wholly owned subsidiary, Janus Cam, the Company faces continuing significant business risks, which include, but are not limited to, its ability to maintain vendor and supplier relationships by making timely payments when due, and success in sourcing additional revenue streams through strategic mergers, acquisitions or other business combinations.

 

In view of the matters described in the preceding paragraph, recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to increase profitability from operations, obtain financing, and succeed in its future operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts or classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

Management has taken the following steps to revise its operating and financial requirements, which it believes are sufficient to provide the Company with the ability to continue as a going concern.  Management devoted considerable effort from inception through the period ended March 31, 2015, towards (i) sourcing additional working capital including the $3,000,000 equity investment  completed during the current quarter, (ii) management of accrued expenses and accounts payable, (iii) initiation of the business strategy to divest ownership of its subsidiary experiencing continuing operating losses, and (vi) acquisition of suitable synergistic partners for business opportunities that generate immediate revenues.

 

Management believes that the above actions will allow the Company to continue operations for the next 12 months.