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Liquidity, Capital Resources and Going Concern
6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Liquidity, Capital Resources and Going Concern

Note 3 – Liquidity, Capital Resources and Going Concern

 

As of June 30, 2021, the Company had working capital of $6,142,238 compared to working capital of $10,572 at December 31, 2020. This significant increase in working capital is due primarily to the increase in cash over the six-month period based on the Company’s sale and issuance of Series D Convertible Preferred Stock (see Note 4). During the second quarter of 2021, in connection with the Merger (described in Note 4 below), the Company received gross proceeds of $6,551,745 from the sale of Series D Convertible Preferred Stock (Preferred Stock). As of June 30, 2021, the Company has an accumulated deficit of $1,936,266. For the six months ended June 30, 2021, the Company had a net loss of $1,940,858 and $472,286 of net cash used in operations for the period.

 

The Company believes that the capital raises from the sale of Preferred Stock will provide sufficient cash flow for the Company to meet its financial obligations for at least the next 12 months as they come due. These events served to mitigate the conditions that historically raised substantial doubt about the Company’s ability to continue as a going concern.