XML 18 R8.htm IDEA: XBRL DOCUMENT
v3.20.1

LIQUIDITY | 3 Months Ended
--- | ---
Mar. 31, 2020
LIQUIDITY [Abstract] |
LIQUIDITY | NOTE 2 – LIQUIDITY As reflected in the accompanying unaudited consolidated financial statements, the Company had a net loss of $2,147,049 for the three months ended March 31, 2020. During the same period, net cash used in operating activities was $1,657,013. The working capital surplus and accumulated deficit as of March 31, 2020 were $5,503,723 and $34,887,764 respectively. In previous financial reports, the Company had raised substantial doubt about continuing as a going concern. This was principally due to a lack of working capital prior to an underwritten offering which was completed during the quarter (the “2020 Offering”). Upon completion of the 2020 Offering during this quarter, management raised sufficient working capital to meet its needs for the next 12-months without the need to raise further capital. The Company continues to be successful in attracting new business and establishing a backlog of projects. Most importantly, the Company’s success in increasing its working capital surplus after receiving proceeds from the 2020 Offering of more than $8.1 million after payment of banking fees and expenses in connection with an up listing to Nasdaq. Management believes that we have eliminated the substantial doubt for the Company to continue as a going concern. We are executing the plan to grow our business and achieve profitability without the requirement to raise additional capital for existing operations. In the long run, the continuation of the Company as a going concern is dependent upon the ability of the Company to continue executing the plan described above, generate sufficient revenue and to attain consistently profitable operations. Although the current Novel Coronavirus (Covid-19) issue has affected our operations, and this is not expected to be a long-term issue, the Company cannot currently quantify the uncertainty related to the recent pandemic and its effects on the business in the coming quarters. We have analyzed our cash flow under “stress test” conditions and have determined that we have sufficient liquid assets on hand to maintain operations for at least 12 months from the date of this report.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=51888271 + Details
Name: | us-gaap_SubstantialDoubtAboutGoingConcernTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration