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2. Going Concern
9 Months Ended
Sep. 30, 2012
Going Concern  
NOTE 2 - Going Concern

The Company has suffered losses from operations and without additional capital, lacks liquidity to meet its current obligations.  The Company had a net loss for 2011 of $15,837,168 and a net loss of $9,317,865 for the nine months ended September 30, 2012.  As of September 30, 2012, the Company had negative working capital of $9,247,432 and accumulated deficit of $51,566,427.  Unless additional financing is obtained, the Company will not be able to continue as a going concern.  Because of the lack of working capital, the Company has ceased operations and furloughed its employees.

 

The financial statements were prepared on a going concern basis which contemplates the realization of assets and the settlement of liabilities in the normal course of business.  The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result if the Company be unable to continue as a going concern.