Annual report pursuant to Section 13 and 15(d)

GOING CONCERN

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GOING CONCERN
12 Months Ended
Sep. 30, 2014
GOING CONCERN [Abstract]  
GOING CONCERN

NOTE 3 -GOING CONCERN

 

During the years ended September 30, 2014 and 2013, and since inception, the Company has experienced cash flow problems. From time-to-time, the Company has experienced difficulties meeting its obligations as they became due. As reflected in the accompanying consolidated financial statements, the Company incurred net losses from operations of approximately $300,000 for the year ended September 30, 2014 and had working capital deficit of approximately $869,000 for the year ended September 30, 2014. The Company also had an accumulated deficit of approximately $12,101,000 and a stockholders' deficit of approximately $871,000 at September 30, 2014.These matters raise substantial doubt about the Company's ability to continue as a going concern.

 

The Company believes the agreement with Collabria will allow the Company to  generate additional income from the sale of ReadyOp software and will assist in expanding the distribution of the AudioMate AM360 line of IP gateway devices. In order to continue as a going concern, the Company will need, among other things, additional capital resources.  Management is currently seeking funding from significant shareholders and outside funding sources sufficient to meet its minimal operating expenses.   However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations.

 

The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classifications of liabilities that might be necessary if the Company is unable to continue as a going concern.