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2. LIQUIDITY | 9 Months Ended
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Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
LIQUIDITY |
2. | LIQUIDITY
As reflected in the accompanying unaudited condensed financial statements for the nine months ended September 30, 2020, the Company had a net loss and net cash used in operating activities of $2,876,501 and $3,231,325, respectively. Additionally, at September 30, 2020, the Company had an accumulated deficit of $48,686,082. The Company has incurred significant losses from operations since inception, and such losses are expected to continue. In April and May 2019, the Company received approximately $8.5 million of cash, net of offering costs and repayment of certain debt, under an equity offering. This cash eliminated most of the Company debt and provided working capital for ongoing operations. Also, in July 2020, the Company sold shares of common stock in a public offering and received net proceeds of approximately $10.5 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the proceeds for working capital and general corporate purposes. The cash balance at September 30, 2020 was $12,332,224 and our working capital was $13,914,212 at September 30, 2020. With these financings, management believes it has sufficient cash to fund its liabilities and operations for the next twelve months from the issue date of this report. In addition, we have warrants that are exercisable to purchase shares of the Company’s common stock and, if all warrants are fully exercised, the Company would receive additional proceeds of $15,193,848.

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- 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
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