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Going Concern
6 Months Ended
Aug. 31, 2018
Going Concern [Abstract]  
GOING CONCERN

NOTE 2 – GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. During the six months ended August 31, 2018 and August 31, 2017, the Company incurred losses of $4,441,316 and $3,553,990, respectively and had negative cash flows from operating activities of $1,770,320 and $2,105,060, 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.

 

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that could result from the outcome of this uncertainty.

 

During the next twelve months we intend to restart operations of our AuraGen/VIPER business both domestically and internationally. At the next annual meeting the shareholders will vote for five board candidates. The new board intends to 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 operations. We anticipate being able to fund these additions in the upcoming fiscal year.