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Liquidity and Going Concern
6 Months Ended
Jun. 30, 2024
Liquidity and Going Concern [Abstract]  
LIQUIDITY AND GOING CONCERN

2. LIQUIDITY AND GOING CONCERN

 

The accompanying unaudited interim consolidated financial statements have been prepared in conformity with U.S. GAAP which contemplates continuation of the Company on a going concern basis. The going concern basis assumes that assets are realized, and liabilities are settled in the ordinary course of business at amounts disclosed in the unaudited interim consolidated financial statements. The Company’s ability to continue as a going concern depends upon its ability to market and sell its products to generate positive operating cash flows. For the six months ended June 30, 2024, the Company reported net loss of $5,253,708. As of June 30, 2024, the Company’s working capital deficit was $4,359,360. In addition, the Company had net cash outflows of $1,487,258 from operating activities for the six months ended June 30, 2024. These conditions give rise to substantial doubt as to whether the Company will be able to continue as a going concern.

 

Management’s plan is to continue to improve operations to generate positive cash flows and raise additional capital through private of public offerings. If the Company is not able to generate positive operating cash flows, and raise additional capital, there is the risk that the Company may not be able to meet its short-term obligations. Management is committed to enhancing operations to generate positive cash flows and plans to secure additional capital through private or public offerings.