Quarterly report pursuant to Section 13 or 15(d)

GOING CONCERN

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GOING CONCERN
6 Months Ended
Jun. 30, 2017
GOING CONCERN [Abstract]  
GOING CONCERN

NOTE 2 - GOING CONCERN.


The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company sustained a net loss of $1,557,180 and used cash in operating activities of $948,512 for the six months ended June 30, 2017. The Company had an accumulated deficit of $10,381,986 at June 30, 2017. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company's continuation as a going concern is dependent upon its ability to generate revenues and its ability to continue receiving investment capital and loans from related parties to sustain its current level of operations.

 

Management plans to continue to raise additional capital through private placements and is exploring additional avenues for future fund-raising through both public and private sources.


The condensed 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 might be necessary should the Company be unable to continue as a going concern.