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Liquidity and Capital Resources
12 Months Ended
Dec. 31, 2020
Liquidity And Capital Resources [Abstract]  
LIQUIDITY AND CAPITAL RESOURCES

NOTE 3 – LIQUIDITY AND CAPITAL RESOURCES


At December 31, 2019, the Company had liabilities in excess of assets in the amount of approximately $2.8 million. During 2020, the Company incurred a net loss of approximately $1.8 million and consumed cash in operating activities of approximately $0.3 million. During 2020, the Company received proceeds of approximately $4.9 million from the sale of common stock units, and extinguished approximately $4.6 million of indebtedness from the conversion of related party debt.


At December 31, 2020, the Company had cash of approximately $3.8 million and working capital of approximately $3.2 million. As such, the Company believes it has sufficient liquidity to fund its future operations and capital requirements for a period of at least twelve months from the date its consolidated financial statements are issued.