Note 21 to the financial statements indicates that Boxing SA incurred a net deficit of R2 709 332 during the year ended 31 March 2011 and, as of that date, the entity's liabilities exceeded its total assets by R6 248 040. These conditions, along with other matters set forth in note 21 indicate the existence of a material uncertainty that may cast significant doubt on the entity's ability to continue as a going concern.