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2. LIQUIDITY | 12 Months Ended
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Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
LIQUIDITY |
2. | LIQUIDITY
The Company has a history of net losses, including the accompanying financial statements for the years ended December 31, 2020 and 2019 where the Company had net losses of $5,213,025 (which includes $1,181,473 of non-cash stock-based compensation expense) and $3,933,922 (which includes $404,846 of non-cash stock-based compensation expense), and net cash used in operating activities of $4,138,138 and $4,826,340, respectively. In April and May of 2019, the Company closed a public offering that generated gross proceeds of $13,201,000, which was used to pay off the Company’s debt and to fund business operations. In May 2020, the Company filed a shelf registration statement on Form S-3 and subsequently closed two additional offerings generating gross proceeds of $11,499,675 in July 2020 and $7,500,000 in November 2020. In addition, the company issued warrants as part of the April and May 2019 offering which has generated an additional $9,926,858 of proceeds during 2020. The Company has 965,584 warrants remaining at December 31, 2020, which could potentially generate an additional $6,108,903 of proceeds over the next 4.5 years, depending on the market value of our stock and the warrant holders’ ability to exercise them. The proceeds from these offerings are expected to provide working capital to fund business operations and the development of new products. The Company expects to continue to incur losses for a period of time into the future. In addition, there is no guarantee that the warrants will be exercised or that additional capital or debt financing will be available when and to the extent required, or that if available, it will be on terms acceptable to the Company. The Company continues to invest in sales and marketing resources and seek out sales contracts that should provide additional revenues and, in time, generate operating profits. The cash balance at December 31, 2020 was $26,702,804 and our working capital was $28,063,320 at December 31, 2020. With these financings, management believes it has sufficient cash to fund its liabilities and operations for at least the next twelve months from the issue date of this report.

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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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