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Going Concern
9 Months Ended
Sep. 30, 2017
Going Concern [Abstract]  
Going Concern

NOTE 2 – Going Concern

 

The accompanying condensed consolidated financial statements have been prepared on the basis that the Company will continue as a going concern. The Company has incurred losses since inception and had an accumulated deficit of $3,699,438 as of September 30, 2017. Prior to the Merger, the LLC also incurred losses since its inception and had cumulative losses of $49,930 as of the date of the Merger. The Company does not have adequate liquidity to fund its operations throughout fiscal 2018 without raising additional funds. These factors raise substantial doubt about its ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this condition. Management intends to seek additional financing to fund operations. If the Company is not able to raise additional working capital, it will have a material adverse effect on the operations of the Company and the development of its technology.

 

Through September 30, 2017, the Company has completed both a $253,000 short-term promissory note financing and a $1,625,120 convertible promissory note financing of a planned $2.5 million subscription. The Company does not have adequate liquidity to fund its operations throughout fiscal 2017 without raising additional funds. Management believes that the currently available resources from the short-term promissory note and convertible promissory note financings combined with funds expected to be raised in the last quarter of fiscal 2017 will be sufficient to enable the Company to meet its operating plan through at least September 30, 2018. However, if the Company is unable to raise additional funds, or the Company’s anticipated operating results are not achieved, management believes planned expenditures may need to be reduced in order to extend the time period that existing resources can fund the Company’s operations. If management is unable to obtain the necessary capital, it may have to cease operations.