1. OPERATIONS
|
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2011
|
|||
Going Concern Note |
Organization
Multiplayer
Online Dragon, Inc. (the “company”) was
incorporated in the State of Nevada on July 3, 2008. The
principal activity of the Company is planned to be designing,
hosting, and marketing collaborative internet search
communications systems. The Company has its executive office
in The People’s Republic of China.
On
December 21, 2010, as more fully discussed in Note 3, the
Company entered into an Agreement to participate in a Joint
Venture for the purpose of developing certain computer
software programs for commercialization.
Going
Concern
The
accompanying financial statements have been prepared on a
going concern basis, which assumes the Company will continue
to realize its assets and discharge its liabilities in the
normal course of business. The Company has incurred losses
totaling $479,242 for the period from July 3, 2008
(inception) to June 30, 2011. While the Company had working
capital of $115,758 at June 30, 2011, as discussed in Note 3,
the Company is committed to incurring substantive Research
and Development expenses in a software development joint
venture. Accordingly, it is likely the Company will continue
to experience significant losses in the foreseeable future,
for which it will continue to be dependent upon additional
funding through private placements. There is no assurance
that such funding, which may continue to include related
party sources (see Note 5), will be available in the future.
These factors raise substantial doubt regarding the
Company’s ability to continue as a going concern. These
financial statements do not include any adjustments to the
recoverability and classification of recorded asset amounts
and classification of liabilities that might be necessary
should the Company be unable to continue as a going
concern.
|