GOING CONCERN CONSIDERATIONS

12 Months Ended

Dec. 31, 2019

Going Concern Considerations

GOING CONCERN CONSIDERATIONS

2. GOING CONCERN CONSIDERATIONS

During the years ended December 31, 2019 and 2018, we have been unable to generate cash flows sufficient to support our operations and have been dependent on debt raised from a related party. We experienced negative financial results as follows:

	2019			2018
Net loss	$	(403,338	)	$	(559,965	)
Negative working capital		(5,699,512	)		(5,296,174	)
Stockholders’ deficit		(5,699,512	)		(5,296,174	)

These factors raise substantial doubt about our ability to continue as a going concern. The financial statements contained herein do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should we be unable to continue in existence. Our ability to continue as a going concern is dependent upon our ability to generate sufficient cash flows to meet our obligations on a timely basis, to obtain additional financing as may be required, and ultimately to attain profitable operations. However, there is no assurance that profitable operations or sufficient cash flows will occur in the future.

Our current operations are primarily funded by Logicquest Technology Limited, a company controlled by the Company’s Chief Financial Officer, Mr. Cheng Yew Siong.