Quarterly report pursuant to Section 13 or 15(d)

Nature of Business and Going Concern

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Nature of Business and Going Concern
6 Months Ended
Jun. 30, 2014
Notes to Financial Statements  
Note 1. Nature of Business and Going Concern

The Company was incorporated under the laws of the State of Florida on May 3, 1989 as Sparta Ventures Corp. and remained inactive until June 27, 1998. The name of the Company was changed to Thermal Ablation Technologies Corporation on October 8, 1998 and then to Poker.com, Inc. on August 10, 1999. On September 15, 2003, the Company changed its name to Legal Play Entertainment Inc. and on November 8, 2006, the name of the Company was changed to Synthenol Inc. Effective November 3, 2008, the Company merged with and into a wholly-owned subsidiary, SinoCubate, Inc., which remained the surviving entity of the merger. SinoCubate, Inc. was formed in the State of Nevada on September 11, 2008. The merger resulted in a change of name of the Company from Synthenol Inc. to SinoCubate, Inc. and a change in the state of incorporation of the Company from Florida to Nevada. On June 13, 2012, the Company changed its name to Viking Investments Group, Inc., and effective July 16, 2012, the Financial Industry Regulatory Authority (“FINRA”) approved this name change, and the Company’s ticker symbol was changed to “VKIN.”

 

Beginning in November 2008, the Company sought to enter into contractual arrangements with entities that allow the Company to either purchase outright the assets and/or business operations of such entities or to enter into business arrangements, such as joint ventures or similar combinations with such entities to manage and operate such entities. In 2011, the Company began providing incubation and consulting services to emerging market companies. In the third quarter of the 2012 fiscal year, the Company generated initial revenue and was no longer considered a development stage enterprise.

 

The Company established a registered representative office in Shanghai City, People’s Republic China (“PRC”), through which the Company carries out certain permitted activities.

 

The Company incurred recurring losses and had a net loss of $320,947 and $313,958 for the six months ended June 30, 2014 and June 30, 2013, respectively. As at June 30, 2014, the Company’s cumulative deficit amounted to $6,736,740 and the Company had a cash balance of $1,529 and a working capital deficiency of $414,645. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances; however there is no assurance of additional funding being available.