GOING CONCERN AND LIQUIDITY CONSIDERATIONS	9 Months Ended
Sep. 30, 2014
GOING CONCERN AND LIQUIDITY CONSIDERATIONS
GOING CONCERN AND LIQUIDITY CONSIDERATIONS	2. GOING CONCERN AND LIQUIDITY CONSIDERATIONS The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As at September 30, 2014, the Company had accumulated a loss from operations of $2.7 million and has earned no revenues since inception. The Company intends to fund its continuing operations through strict expense management and control, a combination of equity or debt financing arrangements, reliance on third party contractors to avoid the need for capital expenditure or commitment to fixed overhead, and extended credit from suppliers and related parties, all of which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending December 31, 2014. Historically we have focused our efforts on developing business opportunities in China and India although we have not actually fulfilled any orders or shipped any of our products as of September 30, 2014. Our ability to fulfill sales orders is directly linked to our lack of financial resources and inability to secure credit terms from our sub-contract manufacturers and component suppliers, and despite our best efforts to raise working capital through debt and equity transactions, extended supplier credit, and customer advances, we have not yet managed to solve these problems, and prospective orders have lapsed before they can be fulfilled. We have recently begun exploring opportunities to supply bundled solutions, including handheld or tablet devices and educational software into developing overseas markets, and although we cannot guarantee progress, we hope to move beyond our development stage into an operational stage during fiscal 2015. The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to purchase the inventory required to fulfill current purchase order commitments, to make on-account payments to vendors, and to service our current debt obligations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. In September 2014, a related party, Numerity Corporation, came to an arrangement on behalf of the Company with all outstanding noteholders, vendors and other related parties in which it agreed to settle all balances and accrued interest then outstanding and assume the respective debts. Numerity subsequently agreed to waive its entitlement to be paid a total or $1,086,822 then due to Numerity. As a result of these transactions, the Company has no liabilities as at September 30, 2014.

GOING CONCERN AND LIQUIDITY CONSIDERATIONS

9 Months Ended

Sep. 30, 2014

GOING CONCERN AND LIQUIDITY CONSIDERATIONS

GOING CONCERN AND LIQUIDITY CONSIDERATIONS

2. GOING CONCERN AND LIQUIDITY CONSIDERATIONS

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As at September 30, 2014, the Company had accumulated a loss from operations of $2.7 million and has earned no revenues since inception. The Company intends to fund its continuing operations through strict expense management and control, a combination of equity or debt financing arrangements, reliance on third party contractors to avoid the need for capital expenditure or commitment to fixed overhead, and extended credit from suppliers and related parties, all of which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending December 31, 2014.

Historically we have focused our efforts on developing business opportunities in China and India although we have not actually fulfilled any orders or shipped any of our products as of September 30, 2014. Our ability to fulfill sales orders is directly linked to our lack of financial resources and inability to secure credit terms from our sub-contract manufacturers and component suppliers, and despite our best efforts to raise working capital through debt and equity transactions, extended supplier credit, and customer advances, we have not yet managed to solve these problems, and prospective orders have lapsed before they can be fulfilled. We have recently begun exploring opportunities to supply bundled solutions, including handheld or tablet devices and educational software into developing overseas markets, and although we cannot guarantee progress, we hope to move beyond our development stage into an operational stage during fiscal 2015. The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to purchase the inventory required to fulfill current purchase order commitments, to make on-account payments to vendors, and to service our current debt obligations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

In September 2014, a related party, Numerity Corporation, came to an arrangement on behalf of the Company with all outstanding noteholders, vendors and other related parties in which it agreed to settle all balances and accrued interest then outstanding and assume the respective debts. Numerity subsequently agreed to waive its entitlement to be paid a total or $1,086,822 then due to Numerity. As a result of these transactions, the Company has no liabilities as at September 30, 2014.

- Definition

Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.

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IN Media Corp 10-Q/A