Liquidity and Management's Plans
|
9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
|||||||||||||
Text Block [Abstract] | |||||||||||||
Liquidity and Management's Plans | 2. Liquidity and management’s plans: A continued lack of adequate cash resulting from the Company’s bankruptcy, the sale of CBI’s principal assets, and the resulting inability to generate cash flow from operations or to raise capital from external sources forced the Company to substantially curtail or cease operations and, therefore, had a material adverse effect on its business. Consequently, during 2012 and 2013, the Company’s business has undergone substantial reductions in relation to size, scale and scope of activities. As a result of the foregoing circumstances, there is substantial doubt about the Company’s ability to continue as a going concern. The Company’s previous independent auditors have included a paragraph emphasizing “going concern” uncertainty in their report on the 2012 financial statements. The financial statements included herein do not include any adjustments relating to the recoverability or classification of asset carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. The Company currently has cash and cash equivalents of $112 as of September 30, 2013, and will therefore rely on loans from insiders and affiliates to fund its operations until the Company is able to raise additional capital. Subsequent to September 30, 2013, working capital advances as of the date of this Quarterly Report from Hedgepath, LLC amounted to approximately $62,000, and have been used for officer and employee salaries, legal and professional fees. The Company intends to finance its research and development, commercialization and distribution efforts and its working capital needs primarily through:
|