Note 2 - Going Concern and Management's Plans
|9 Months Ended|
Sep. 30, 2020
|Notes to Financial Statements|
|Substantial Doubt about Going Concern [Text Block]||
2– Going Concern and Management's Plans
The Company has realized a cumulative net loss of
$6,748,236for the period from its inception (
June 2, 2015)to
September 30, 2020,has negative working capital of
norevenues. The Company has insufficient revenue and capital commitments to fund the development of its planned products and pay operating expenses. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern for a year following the issuance of these condensed consolidated financial statements.
The ability of the Company to continue as a going concern depends on the successful completion of the Company's capital raising efforts to fund the development of its planned products. The Company intends to continue to raise additional capital through debt and equity financings. There is
noassurance that these funds will be sufficient to enable the Company to fully complete its development activities or attain profitable operations. If the Company is unable to obtain such additional financing on a timely basis or, notwithstanding any request the Company
maymake, the Company's debt holders do
notagree to convert their notes into equity or extend the maturity dates of their notes, the Company
mayhave to curtail its development, marketing and promotional activities, which would have a material adverse effect on the Company's business, financial condition and results of operations, and ultimately the Company could be forced to discontinue its operations and liquidate.
The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplates the continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the condensed consolidated financial statements do
notnecessarily purport to represent realizable or settlement values. The condensed consolidated financial statements do
notinclude any adjustments that might result from the outcome of this uncertainty.
The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef