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Going Concern
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9 Months Ended |
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Sep. 30, 2011
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| Going Concern [Abstract] | |
| Going Concern [Text Block] | 3. GOING CONCERN
As shown in the accompanying financial statements, the Company has a retained deficit of $12,438,935 at September 30, 2011, with a net income for the nine months ended September 30 2011 of $71,807 and net cash used in operating activities of $1,360,123 for the nine month period then ended, respectively. In addition, convertible debt maturing within one year of the financial statement date and other short-term debt, net of discount, was approximately $204,000 . The Company has earned no significant revenues from its primary business since inception. These raises substantial doubt about the Company’s ability to continue as a going concern.
Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement its business plan, including installation of charging stations throughout the United States, provides the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient additional capital and revenues.
The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |