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Going Concern
12 Months Ended
Dec. 31, 2020
Going Concern:  
Going Concern

Note 2 – Going Concern

 

The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As of December 31, 2020, the Company had a working capital deficit of $237,593. As of December 31, 2020, the Company has an accumulated deficit of $13,106,374. The Company had a net loss of $533,660 and $501,022 of net cash used in operations for the year ended December 31, 2020. These conditions raise substantial doubt about the company’s ability to continue as a going concern.

 

The Company has historically relied upon unrelated and related party debt and equity financing to fund its cash flow shortages and will require either additional debt or equity financing to sustain its operations.

 

The Company continues to seek funding from private debt and equity investors, as it needs to promptly raise substantial additional capital in order to finance its plan of operations. There can be no assurance that the Company will be able to promptly raise the necessary funds on commercially acceptable terms, if at all. If the Company does not raise the necessary funds, it may be forced to cease operations. These financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.