CASE 1-7 CONTINUE AS A GOING CONCERN Report of Independent Registered Public Accounting Firm To the Board of Director and shareholders We have audited the accompanying balance sheet of Indestructible I, Inc. as of December 31, 2009 and 2008 and the related statement of operations, stockholders' equity, and cash flows for the twelve months ended December 31, 2009 and 2008 and from inception (Sep- tember 19, 2003) through the year then ended December 31, 2009. These financial state- ments are the responsibility of company's management. Our responsibility is to express an opinion on these financial statements based on our audit. continue Source: Independent Registered Public Accounting Firm OULUUN LU CI purung lic Company plan and per audits in accordance with standards of The Public vidence support ludes assessing assurance about whether the financial (CASE 1-7 CONTINUED) We conducted our audits in accordance with require that we plan and Accounting Oversight Board (United States). Those the financial statements a form the audit to obtain reasonable assurance abo free of material misstatement. An audit includes ing the amounts and disclosures in the fin imates made by management, as wel the accounting principles used and significant estima ion. We believe that our audits provid evaluating the overall financial statements presenta reasonable basis for our opinion. present fairly, in all material In our opinion, the financial statements referred to a at December 31, 2009 and 2008 respects, the financial position of Indestructible I, Inc. at e twelve months ended December the results of its operations and its cash flows for the twe statement. An audit includes examining, on a test basis, evidence sunare nd disclosures in the financial statements. An audit also includes a as well as provide a od 2008 and ecember 31, r 31, 2009 in and 2008 and from inception (September 19, 2003) through December 31, 20 the Company ations and has inue as a going conformity with U.S. Generally Accepted Accounting Princip repared assuming that the Come The accompanying financial statements have been prepared continue as a going concern. The Company has suffered losses from operations an a net capital deficiency that raises substantial doubt about its ability to continue as a vadiustments that might result from th concern. The financial statements do not include any adjustments outcome of this uncertainty. Gately & Associates, L.L.C. Lake Mary, FL February 2, 2010 Required a. What is the going-concern assumption? b. Have the financial statements used the going-concern assumption? c. What is the significance of the disclosure that this company may not be able to continu as a going concern