Annual report pursuant to Section 13 and 15(d)

GOING CONCERN

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GOING CONCERN
12 Months Ended
Sep. 30, 2019
GOING CONCERN [Abstract]  
GOING CONCERN

NOTE 3 - GOING CONCERN

 

The Company's consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company reported a net loss of approximately $176,000 and $532,000 for the years ended September 30, 2019 and 2018, respectively. As of September 30, 2019, the Company has an accumulated deficit of approximately $16.2 million and a working capital deficit of approximately $1.05 million. The Company believes the acquisition of the ReadyOp software platform in 2016 was a prudent purchase by the Company. Additional revenue has been generated for the Company and management believes revenue will continue to increase each quarter. 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 capital funding 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 accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.