MEDISWIPE INC. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - April 16, 2012

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EX-32 - MEDISWIPE INC.mwip10k0413exhib321.htm
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10-K - MEDISWIPE INC.mwip10k0413.htm
v2.4.0.6
GOING CONCERN
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
GOING CONCERN

NOTE 11 – GOING CONCERN

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As of December 31, 2011 the Company had an accumulated deficit of $4,436,129 and a working capital deficit of $287,100. The Company used $99,927 and $293,349 in cash in operations for the years ended December 31, 2011 and 2010 respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

 

Management’s Plans

 

We presently maintain our daily operations and capital needs through the receipts of the monthly account residuals we receive directly from the Company’s processors. From time to time when we need additional working capital we have been able to issue convertible promissory notes to an unaffiliated investor. Additionally, the Company’s CEO. B. Michael Friedman has loaned the Company money in the past. The company expects to increase sales of additional merchant accounts over the course of this fiscal year and has received term sheets for additional credit facilities for working capital if needed.

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