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EFACTOR GROUP CORP. - 10-Q - Management's Discussion and Analysis of Financial Condition and Results of Operations

August 14, 2014

The following discussion should be read in conjunction with our consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and the consolidated financial statements and related notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2013.

Certain statements in this section contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this report and not clearly historical in nature are forward-looking, and the words "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "intends," "potential," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) generally are intended to identify forward-looking statements. Any statements in this report that are not historical facts are forward-looking statements. Actual results may differ materially from those discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.

9 Overview



On February 1, 2013, we entered into an Acquisition and Share Exchange Agreement (which we refer to as the Exchange Agreement) with EFactor, a Delaware corporation, and certain shareholders of EFactor (which we refer to as the Share Exchange), pursuant to which 20 holders of approximately 70% of the outstanding common stock of EFactor (the "Original Sellers") agreed to transfer to us 6,580,250 shares of common stock of EFactor in exchange for the issuance of: (a) 50,000,000 shares of our common stock; (b) 5,000,000 shares of Series A Convertible Preferred Stock; and (c) an additional 22,231,155 shares of our common stock upon the effectiveness of the 1:40 reverse stock split of our common stock (the "Additional Shares"). The Share Exchange closed on February 11, 2013.

As a result of the Share Exchange, EFactor became our majority-owned subsidiary.

We are now a holding company where currently the majority of our operations are conducted through our EFactor.com website. The Company also owns, operates and administers certain assets related to distributing online and offline content and has interests in a subsidiary that conducts business operations such as EQmentor, our public relations firm, MCC International and certain other intellectual property as more fully discussed herein.

On July 1, 2014, the Company entered into an Exchange Agreement by and among the Company, HT Skills Ltd., an entity organized under the laws of England and Wales ("HT Skills"), and Five5Five PTE Ltd., the sole shareholder of HT Skills ("HT Seller"). On the same date, the parties consummated the transaction, pursuant to which the HT Seller sold, and the Company purchased, all of HT Skills' outstanding capital stock, in exchange for 13,319,100 unregistered shares of the Company's common stock. In connection with the HT Transaction, the Company agreed to loan HT Skills $150,000 at ten percent interest per annum for working capital purposes.

On July 1, 2014, the Company also entered into an Exchange Agreement by and among the Company, Member Digital Ltd., an entity organized under the laws of England and Wales ("Member Digital"), and the shareholders of Member Digital (the "MD Sellers"). On the same date, the parties consummated the transaction, pursuant to which the MD Sellers sold, and the Company purchased, all of Member Digital's outstanding capital stock, in exchange for 1,250,000 unregistered shares of the Company's common stock.

On July 1, 2014, the Company also entered into an Exchange Agreement by and among the Company, Business Growth Systems, Ltd., an entity organized under the laws of England and Wales ("BGS"), and the sole shareholder of BGS (the "BGS Seller"). On the same date, the parties consummated the transaction, pursuant to which the BGS Seller sold, and the Company purchased, all of BGS' outstanding capital stock, in exchange for 5,562,500 unregistered shares of the Company's common stock.

On July 7, 2014, the Company entered into an Exchange Agreement by and among the Company, GroupCard BV, an entity organized under the laws of the Netherlands ("GroupCard"), and the shareholders of GroupCard (the "Sellers"). On the same date, the parties consummated the transaction, pursuant to which the Sellers sold, and the Company purchased, all of GroupCard's outstanding capital stock, in exchange for 2,812,500 unregistered shares of the Company's common stock. In connection with the Transaction, the Company agreed to loan GroupCard, within 120 days of the closing of the Transaction, $400,000 at six percent interest per annum for working capital purposes. In addition, the Company agreed to pay the Sellers four semi-annual earn-out payments of shares of Common Stock ("Earn-Out Shares"), commencing on January 1, 2015. In the event 20,000 or more members are added by GroupCard during a semi-annual period (each, an "Earn-Out Period"), the Company shall issue to the Sellers the number of Earn-Out Shares equal to (i) $25.00 per member added by GroupCard during such Earn-Out Period, divided by (ii) $0.80. In the event less than 20,000 members are added during an Earn-Out Period, the Company will not issue any Earn-Out Shares to the Sellers for such period; however, any members added during such Earn-Out Period will be counted towards the subsequent Earn-Out Period.

Factors Affecting Results of Operations

Historically, our operating expenses have exceeded our revenues. For our two most recent fiscal years ending December 31, 2013 and 2012, we have incurred net losses of $5.9 million and $4.1 million, respectively. As in the prior fiscal years, for the six months ended June 30, 2014 we incurred a net loss of $5.3 million, and our operating expenses consisted primarily of the following:

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Cost of revenue, which consists primarily of the cost of services including

applied labor costs and benefits expenses, maintenance, facilities and other

operating costs associated with our revenues;

Salaries and wages, which consist primarily of common stock and cash, issued

for services; and

General and administrative expenses, which consist primarily of office rent and

other administrative costs including professional fees.



Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate our estimates, including those related to uncollectible receivables, inventory valuation, deferred compensation and contingencies. We base our estimates on historical performance and on various other assumptions that we believe to be reasonable under the circumstances. These estimates allow us to make judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

We believe the following accounting policies are our critical accounting policies because they are important to the portrayal of our financial condition and results of operations and they require critical management judgments and estimates about matters that may be uncertain. If actual results or events differ materially from those contemplated by us in making these estimates, our reported financial condition and results of operations for future periods could be materially affected.

Revenue Recognition



Revenues are presented net of discounts. In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered to the customer, (iii) the fee is fixed or determinable, and (iv) collectability is reasonably assured. Where arrangements have multiple elements, revenue is allocated to the elements based on the relative selling price method and revenue is recognized based on the Company's policy for each respective element.

The Company applies judgment with respect to whether it can establish a selling price based on third party evidence. The Company does not have any product offerings that would be considered multiple deliverables; therefore the pricing model is determined based on competitor prices for similar product offerings. When it is unable to establish selling price using this method, the Company determines its best estimate for deliverables by considering multiple factors including, but not limited to, it's pricing practices, profit margin, prices it charges for similar offerings, sales volume, geographies, market conditions, and the competitive landscape.

The Company generates revenue primarily from sales of the following services:

Member Fees -The Company holds a variety of networking and informational events

for its members and sells various membership packages to customers that allow users to have access to premium services via the EFactor website. Revenue from member services is recognized ratably over the contractual period, generally from one to 12 months.



Sponsorships - The Company generates revenues from Sponsors in a variety of

ways. Sponsors can gain exposure to the Company's members, either through placement or short write-ups in newsletters, on event invitations or by participating as a sponsor at one of the Company's Events where a Sponsor may provide access to its products or service (booth/stall) or by being a speaker or panelist at an event that fits in their industry. This revenue is recognized over the specific event timeline, which varies from a single day event or a longer-term promotional event over a series of weeks.



Public Relations - We provide market and brand awareness consulting services,

targeting high and emerging technology and science companies, as well as professional service organizations that help get recognition within the practiced community and provide an explicit company identity.



Advertising - Visitor demographics and time spent on a website are the primary

drivers behind advertising-based revenue models for internet properties. When a user clicks an advertisement (CPC basis), views an advertisement impression (CPM basis), registers for an external website via an advertisement clicked on through the Company's application (CPA basis). Proceeds from such contracts is recognized over the period in which the advertisements are displayed on the websites.



Advisory Services -The Company promotes and makes available advisory and

consulting services to members for the purpose of support, introduction

guidance and general mentoring of members in their pursuit of their

entrepreneurial objectives, for which fees are charged. These revenues are

recorded when services for the transactions are determined to be concluded,

generally as set forth under the terms of the engagement or when the sundry

milestones have been completed after the defined services are performed.

Transaction-related expenses, primarily consisting of costs directly associated

with the transaction, are deferred and recognized in the same period as the

transaction revenue. 11



These revenues are recorded when services for the transactions are determined to be concluded, generally as set forth under the terms of the engagement or when the sundry milestones have been completed after the defined services are performed. Transaction-related expenses, primarily consisting of costs directly associated with the transaction, are deferred and recognized in the same period as the transaction revenue. Amounts billed or collected in excess of revenue recognized are recorded as deferred revenue

Goodwill



Goodwill is not amortized, but is tested for impairment annually in the fourth quarter of the fiscal year or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Events that result in an impairment review include significant changes in the business climate, declines in our operating results, or an expectation that the carrying amount may not be recoverable. We assess potential impairment by considering present economic conditions as well as future expectations

We review goodwill for impairment by performing a two-step goodwill impairment test. The first step of the two-step goodwill impairment test is to compare the fair value of the reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the second step of the two-step goodwill impairment test is required to measure the goodwill impairment loss. The second step includes valuing all the tangible and intangible assets of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit's goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount.

Calculating the fair value of a reporting unit and the implied fair value of reporting unit goodwill requires significant judgment. The use of different assumptions, estimates or judgments in either step of the goodwill impairment testing process, such as the estimated future cash flows of reporting units, the discount rate used to discount such cash flows, or the estimated fair value of the reporting units' tangible and intangible assets and liabilities, could significantly increase or decrease the estimated fair value of a reporting unit or its net assets. There was no impairment charge for the period ended June 30, 2014.

Stock-Based Compensation



We record stock-based compensation at fair value at the grant date and recognize the expense over the employee's requisite service period. We use the Black-Scholes option-pricing model to estimate the fair value of the stock option grants. This valuation model for stock-based compensation expense requires us to make assumptions and judgments about variables used in the calculation, including the fair value of our common stock, the expected term (the period of time the options granted are expected to be outstanding), the volatility of our stock, a risk-free interest rate, and dividends. We plan to use the simplified calculation of expected term described in SEC Staff Accounting Bulletin No. 107, Share-Based Payment, and volatility based on an average of the historical volatilities of similar companies, as we do not have a history of a publicly traded stock price. The risk-free interest rate for the expected term of the options will be based on the U.S. Treasury yield curve in effect at the time of the grant

Foreign currency and foreign currency transactions

Balance sheet accounts of MCC International located in United Kingdom are translated from Sterling (GBP) into U.S. dollars at period-end exchange rates, and income and expense accounts are translated at average exchange rates during the period. Translation gains or losses related to net assets located in the United Kingdom are recorded as unrealized foreign currency translation adjustments within accumulated other comprehensive income (loss) in stockholders' equity. Gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the entity's functional currency) are included in general and administrative expense in the condensed consolidated statements of comprehensive income.

Comprehensive Loss



There are components of comprehensive loss other than net loss that the Company has incurred as it relates to foreign currency, and accordingly the Company now presents a comprehensive income and loss for the periods presented.

12 Results of Operations



Three Months ended June 30, 2014 Compared to Three Months Ended June 30, 2013

Revenue



Our revenue for the three month period ended June 30, 2014 was $148,586 compared to $228,175 for the three month period ended June 30, 2013. All of our revenue was derived from member payments, event fees, annual event packages, public relations and advertising revenue along with advisory fees, sponsorships and revenue shares with strategic partners. This decrease of approximately $113,000 in revenue is primarily attributable to a decrease in revenue from mentoring fees as a result of our transition in April 2014 to a new website with improved technology. The increase in advertising revenue of approximately $31,000 is primarily attributable to our concentrated efforts in developing this source of revenue.

The table below sets forth the amount of revenues we have recognized for the three months ended June 30, 2014 and 2013:

Three Months Ended June 30, 2014 2013 Member Services $ 6,839 $ 418 Sponsorships 3,411 3,604 Advertising 30,645 - Advisory Services 1,437 114,343 Public Relations 106,254 109,810 $ 148,586$ 228,175



During the three months ended June 30, 2014 we continued to add value to the VIP membership, a premium membership that allows members to get discounts on webinars, events and our library of content (Knowledge) and have marketing campaigns on a regular basis amongst our growing member-base to increase the number of VIP members. We believe the premium memberships represent a substantial growth area for revenue. In addition to the VIP premium membership, we intend to launch additional premium memberships (all on a recurring revenue basis) such an ESpace premium membership which we initiated during the fourth quarter of 2013 to provide flexible office locations for our members.

The intention is to add other premium membership services going forward based on products and services our acquired companies can offer specifically to our members in the coming year.

Our mentoring and advisory fees are derived through EMentoring - our online/offline mentoring service that we plan to extend in the coming year as well as Sponsorships from companies that wish to gain exposure to our membership base. Sponsorship can be for a specific event or series of events or to gain placement in our newsletters or on the site.

We have recently begun the process of fully engaging "traditional" advertising on our site such as banners or pop-ups. We began this process of retargeted our advertising in 2013 keeping true to our beliefs of the intent not to have blatant advertising on our site.

Operating Costs and Expenses



Our operating expenses increased by $85,595 to $1,085,624 for the three month period ended June 30, 2014, from $1,000,029 for the three month period ended June 30, 2013. These increases were primarily due to additional depreciation and amortization of the Company's website of $59,228 in 2014 and loss on extinguishment of debt of $32,778.

Interest Expense



Interest expense increased to $475,215 for the three month period ended June 30, 2014, compared to $141,011 for the three month period ended June 30, 2013. In the three month period ended June 30, 2014 our interest expenses included interest on notes payable we issued to meet our capital and operating requirements along with the amortization of $391,318 for the amortization of debt discount and share issuance costs relating to shares issued in connection with certain of our notes payable as part of the consideration provided to lenders for such loans. These notes will be converted to equity where possible and/or will be repaid. We believe we will repay or convert into common stock all outstanding notes subject to the raising further capital and increasing revenues over the course of the next 18 months.

Net Loss



Our net loss increased to $1,428,503 for the three months ended June 30, 2014, compared to $912,865 for the three month period ended June 30, 2013. The increase in net loss compared to the prior year period is primarily a result of the increase in operating expenses of $85,595, the increase in interest expense and amortization of debt discount of $334,204, as described above. A component of the increase in operating costs is caused by the need to continue to attract top-notch personnel, which increases our payroll costs.

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Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013

Revenue



Our revenue for the six month period ended June 30, 2014 was $265,131 compared to $416,937 for the six month period ended June 30, 2013. All of our revenue was derived from member payments, event fees, annual event packages, public relations and advertising revenue along with advisory fees, sponsorships and revenue shares with strategic partners. The decrease of approximately $152,000 in the six months ended June 30, 2014 compared to the six months ended June 30, 2013 is primarily attributable to a decrease in revenue from mentoring fees as a result of our transition in April 2014 to a new website with improved technology.

The table below sets forth the amount of revenues we have recognized for the six months ended June 30, 2014 and 2013:

Six Months Ended June 30, 2014 2013 Member Services $ 17,969$ 10,422 Sponsorships 3,411 3,604 Advertising 42,524 - Advisory Services 2,874 250,906 Public Relations 198,353 152,005 $ 265,131$ 416,937 Operating Costs and Expenses



Our operating expenses increased by $1,366,803 to $3,514,326 for the six month period ended June 30, 2014, from $2,147,523 for the six month period ended June 30, 2013. These increases were primarily due to the increase in stock based compensation of approximately $906,000 and an increase of approximately $440,000 for legal, accounting and other general and administrative expenditures.

Interest Expense



Our interest expense increased to $1,463,149 for the six month period ended June 30, 2014, compared to $309,397 for the six month period ended June 30, 2013. In the six month period ended June 30, 2014 our interest expenses included interest on notes payable we issued to meet our capital and operating requirements along with the amortization of $1,331,004 for the amortization of debt discount and share issuance costs relating to shares issued in connection with certain of our notes payable as part of the consideration provided to lenders for such loans. These notes will be converted to equity where possible and/or will be repaid. We believe we will repay or convert into common stock all outstanding notes subject to the raising further capital and increasing revenues over the course of the next 18 months.

Net Loss



Net loss increased to $5,338,413 for the six month period ended June 30, 2014 from $2,039,983 for the six months ended June 30, 2013. The increase in net loss compared to the prior year period is primarily a result of an increase in stock based compensation and amortization of debt discount as described above. A component of the increase in operating costs is caused by the need to continue to attract top-notch personnel, which increases our payroll costs.

Liquidity and Capital Resources

Introduction



During the six months ended June 30, 2014 because of our operating losses, we did not generate positive operating cash flows. Our cash on hand as of June 30, 2014 was $126,326 and our monthly cash flow burn rate, that now includes EQmentor and MCC International, has increased to approximately $200,000, excluding professional fees and consultants on an as needed basis. As a result, we have significant short-term cash needs. These needs historically have been satisfied through proceeds from the sales of our securities and/or issuance of promissory notes. We are expecting to reduce the need for such short term financing as we continue to build our revenues through both acquisitions and organic growth. (See "Cash Requirements" below). In order to repay our obligations in full or in part when due, we will be required to raise significant capital from other sources. There is no assurance, however, that we will be successful in these efforts.

14 Cash Requirements



We had cash available of $126,326 as of June 30, 2014. Based on our revenues, cash on hand and current monthly burn rate, around $200,000, excluding professional fees and consultants on an as needed basis, we will need to continue borrowing from our shareholders and other related parties, and/or raise money from the sales of our securities, to fund operations.

On June 7, 2013 we entered into a revolving line of credit (the "Line of Credit") with an accredited investor for an amount of up to $750,000. Under the terms of the Line of Credit, the lender has agreed to advance to us for a period of 24 months ending on July 7, 2015 such amounts as we may request up to $750,000. All sums advanced will bear interest from the date each advance is made until paid-in-full at a rate of 15% per annum. Each advance will be due and payable in full 12 months following the day each advance is made. In addition, should we consummate a capital raise, that when aggregated with any preceding capital raise results in $10 million of gross proceeds (excluding amounts advanced under this line of credit) (the "Capital Raise"), all amounts due and payable under Line of Credit will become due and payable 14 days after the consummation of such Capital Raise. In addition to the repayment of each advance, we shall issue to the lender a total of 187,500 shares of restricted common stock upon the full draw down of the line. As of June 30, 2014 we issued 118,750 shares of restricted common stock based on the current advances to date. The number of shares issued in connection with the Line of Credit will be pro-rated according to the amount of the advance. In connection with the Line of Credit, we entered into a security agreement (the "Security Agreement") with the lender, whereby we granted to lender, as collateral for our obligations to be performed under the Line of Credit. As of June 30, 2014, we received advances under the line of credit totaling $475,000. We have been advised by the lender that, due to extenuating circumstances, it is not currently able to provide us with additional advances under the Line of Credit. We believe that once the lender's extenuating circumstances has been resolved, we will be able to obtain additional advances under the Line of Credit.

On November 7, 2007, EQmentor obtained a line of credit from Wells Fargo. The amount of the line of credit is $500,000 with a provision for over-limit drawdowns. The line of credit has a fifteen year term and interest on the line of credit accrues at 3.5% per annum. The line of credit is secured by certain assets, including the personal residence of the former majority shareholder of EQmentor, Inc. As of June 30, 2014, the current over-limit drawdown for the line of credit was $149,846. We have drawn down approximately $650,000 from the line of credit as of June 30, 2014, which is the maximum amount that can be drawn down from this facility.

The Company has been able to satisfy short term needs through the sale of securities to individual accredited investors, over the past year. Even though management has had success in the past in generating funds from these sundry sources of capital, there can be no assurance or certainties that we will be successful in procuring these types of proceeds in the future.

We expect to expend approximately $300,000 in 2014 in connection with development of our website and the expansion of our business. In addition, to strengthen our ability to generate higher revenues and profitability we intend to acquire strategically complementary businesses to significantly build our membership base and product/service offerings. The targeted businesses are either producing cash or sufficiently close to breakeven in order to not increase our burn rate. Additionally, we are closely monitoring and controlling our expenses.

To secure our long term objectives for growth and profitability we are in active discussions with investment banking firms to assist us with our long-term strategies. We believe we will require approximately $5.0 million as an interim step to achieve our mid-term goals, of which $2.5 million will be utilized to solidify our current business. There can be no assurance that we will be able to raise this amount of capital in the near future.

Operations



Net cash used in operating activities of $1,355,999 for the six months ended June 30, 2014, as compared to $616,657 in cash used in operations for the six months ended June 30, 2013. For the six months ended June 30 2014, the net cash used consisted primarily of the net loss of $5,338,413 offset by amortization of debt discount of $1,331,004, stock and option based expense of $1,423,467, loss on derivative valuation of $576,143, depreciation of $114,866, a loss on settlement of debt of $32,778, a loss on conversion of debt of $49,926, and an increase in operating current liabilities of $609,851. For the six months ended June 30, 2013, the net cash used in operating activities consisted primarily of a net loss of $2,039,983 offset by an increase in current liabilities of $635,592, depreciation of $181,088, amortization of debt discount and deferred financing fees of $250,883, and stock and option based expense of $516,251.

15 Investments



Net cash used in investing activities of $128,184 for the six months ended June 30, 2014, as compared to $200,557 in cash used in investing activities for the six months ended June 30, 2013. For the six months ended June 30, 2014 the net cash provided by investing activities related to expenditures associated with building our website and increasing in the infrastructure and architecture needed to support the growth in the member base. For the six months ended June 30, 2013, the investing activities consisted of $225,001 related to the cash paid for the acquisition of property, website, and equipment; these investments were offset by $23,593 in cash acquired in acquisition of MCC, and $851 in cash acquired in the reverse merger with Standard Drilling.

Financing



Net cash provided by financing activities of $1,591,829 for the six months ended June 30, 2014, as compared to $793,497 in cash provided by financing activities for the six months ended June 30, 2013. For the six months ended June 30 2014, the financing activities consisted primary of $1,143,452 in proceeds from notes payable, $478,520 in proceeds from common stock, offset by $30,143 in repayment of debt. For the six months ended June 30 2013, our financing activities consisted of $629,208 in proceeds from notes payable and $167,002 in proceeds from the issuance of shares

Capital Expenditures



We expect to expend approximately $100,000 in connection with development of our website and the expansion of our business during the next three months. We anticipate these expenditures will be funded by the Company's operating cash flow along with the proceeds from additional private investments.

Off-Balance Sheet Arrangements

As of June 30, 2014, we have not entered into any transaction, agreement or

other contractual arrangement with an entity unconsolidated under which it has:

a retained or contingent interest in assets transferred to the unconsolidated

entity or similar arrangement that serves as credit;

liquidity or market risk support to such entity for such assets;

an obligation, including a contingent obligation, under a contract that would

be accounted for as a derivative instrument; or

an obligation, including a contingent obligation, arising out of a variable

interest in an unconsolidated entity that is held by, and material to the Company, where such entity provides financing, liquidity, market risk or credit risk support to or engages in leasing, hedging, or research and development services with the Company. Going Concern



Our financial statements are prepared using generally accepted accounting principles, which contemplate the realization of assets and liquidation of liabilities in the normal course of business. Because our business is new and has no history and we have relatively few sales, no certainty of continuation can be stated. Our financial statements for the three and six months ended June 30, 2014 and the twelve months ended December 31, 2013 and 2012 have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

We have suffered losses from operations and have a working capital deficit, which raises substantial doubt about our ability to continue as a going concern. Management is taking steps to raise additional funds to address our operating and financial cash requirements to continue operations in the next twelve months. Management has devoted a significant amount of time in the raising of capital from additional debt and equity financing. However, our ability to continue as a going concern is dependent upon raising additional funds through debt and equity financing and generating revenue. There are no assurances that we will receive the necessary funding or generate revenue necessary to fund operations. Our financial statements contain no adjustments for the outcome of this uncertainty.

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