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Going Concern
12 Months Ended
Feb. 28, 2015
Going Concern [Abstract]  
GOING CONCERN (Restated)

NOTE 11 – GOING CONCERN (Restated)

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.  During the years ended February 28, 2015 and February 28, 2014, the Company incurred losses of $12,287,252 and $12,724,158, respectively and had negative cash flows from operating activities of $3,769,985 and $5,888,019, respectively.

 

If the Company is unable to generate profits and is unable to continue to obtain financing for its working capital requirements, it may have to curtail its business sharply or cease business altogether.

 

Substantial additional capital resources will be required to fund continuing expenditures related to our research, development, manufacturing and business development activities. The Company’s continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis, to retain its current financing, to obtain additional financing, and ultimately to attain profitability.

 

During the twelve months subsequent to the end of the February 28, 2017 fiscal year end, we intend to restart operations of our AuraGen/VIPER business both domestically and internationally. At the next shareholders meeting the shareholders will vote for an entire new slate of five board candidates. The new board when elected will hire a new management team. In addition, we plan to acquire a new facility of approximately 45,000 square feet for operations, as well as, rebuild the engineering QA and sales teams to support the operation. We anticipate being able to fund these additions in the fiscal year following our February 28, 2017 year end.