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Liquidity
12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Liquidity

Note 13. Liquidity

 

We have a history of operating losses and negative cash flow. As our operations grow, we expect to experience significant increases in our working capital requirements. These conditions raise substantial doubt over the Company’s ability to meet all of its obligations over the twelve months following the filing of this Form 10-K. Management has evaluated these conditions, and concluded that current plans will alleviate this concern. As of December 31, 2019, we had $1,091,374 of cash on the balance sheet. We have continued to significantly reduce core operating expenses, reducing total General and Administrative Expense in 2019 by $962,859, or 12%, as compared with 2018. In addition, in the first quarter of 2020, the Company completed $3.825 million of funding. These financings included a Private Placement Offering for common shares priced at $0.50 cents per share. Moreover, on March 23, 2020 the Company obtained extensions or conversion of its Milestone I and II Convertible Notes as described in Note 14.

 

Management has concluded that these actions have alleviated the substantial doubt of our ability to continue as a going concern. However, the Company cannot predict, with certainty, the outcome of its action to generate liquidity, including the availability of additional financing, or whether such actions would generate the expected liquidity as planned.