Verity Corp. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - January 14, 2013

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v2.4.0.6
NOTE 2 - GOING CONCERN
 12 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NOTE 2 - GOING CONCERN

 

NOTE 2 - GOING CONCERN

 

The Company's financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. At September 30, 2012, the Company had a retained deficit of $3,235,468 and current liabilities in excess of current assets by $462,559. During the year ended September 30, 2012, the Company incurred a net loss of $623,079 and negative cash flows from operations of $405,711. These factors create an uncertainty about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

The Company's continuation as a going concern is dependent upon its ability to increase revenues, decrease or contain costs, and achieve profitable operations. In this regard, our ability to continue as a going concern has caused the Board of Directors to continue investigating merger and acquisition opportunities.  We will look to further diversify our holdings and sources of cash flow. Should the Company's financial resources prove inadequate to meet the Company's needs before additional revenue sources can be realized, the Company may raise additional funds through loans or through sales of common or preferred stock. There is no assurance that the Company will be successful in achieving profitable operations or in raising any additional capital.

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