Note 2 - Going Concern

12 Months Ended

Dec. 31, 2016

Substantial Doubt about Going Concern [Text Block]

2.	GOING CONCERN

As of

December

31,

2016,

the Company had a stockholder’s deficit of

$80,042,

a working capital deficit of

$13,714,

and cash and equivalents of

$1,947.

The Company requires cash infusions from its Parent to fund ongoing operating expenses and management does not anticipate generating any revenue in the near term. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared in conformity with U.S. GAAP, which contemplates the Company’s continuation as a going concern, whereby the realization of assets and liquidation of liabilities occurs in the ordinary course of business. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might be different should the Company be unable to continue as a going concern.

January

2017,

the Company’s Parent agreed that it will not demand repayment during

2017

of an outstanding payable for

$66,328

as of

December

31,

2016.

Accordingly, this liability has been classified as a long-term liability as of

December

31,

2016.

January

2017,

the Parent provided additional funding of

$14,000

to enable the Company to pay certain outstanding accounts payable and accrued expenses. While no assurance can be provided, management believes the Parent will continue to provide funding to enable the Company to meet its financial obligations over the

twelve

-month period from the issuance date of these financial statements.

Iron Sands Corp. 10-K