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Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note 11 – Subsequent Events:

 

In early 2020, an outbreak of the novel strain of coronavirus (COVID-19) emerged globally. In March 2020, the World Health Organization declared the COVID-19 outbreak to be a global pandemic, which continues to spread throughout the United States. The COVID-19 has significantly impacted the communities in which Company employees live and work. As a result, federal, state and local authorities have issued mandates for social distancing and working from home to delay the spread of the coronavirus, resulting in an overall decline in economic activity. The ultimate impact of COVID-19 on the Company is not reasonably estimable at this time. Management is currently evaluating the recent introduction of the COVID-19 virus and the related government mandates, and their impact on the software industry and has concluded that while it is reasonably possible that the virus and the associated government mandates restricting activity could have a negative effect on the ability of the Company to meet with potential customers and to raise additional capital, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

In October 2020 the Board authorized a private placement of common stock in the aggregate amount up to $10,000,000 at a stock price of $2.50 per share (the "2020 $2.50 Equity Offering"). As of November 10, 2020, the Company has raised approximately $1.2 million in the 2020 $2.50 Equity Offering.

 

There are no other events of a subsequent nature that in management's opinion are reportable.