XML 18 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 2 - Liquidity
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Liquidity and Going Concern [Text Block]
NOTE 2
-
LIQUIDITY
 
As shown in the accompanying condensed consolidated financial statements, the Company incurred a net loss of $1,719,749 and $586,387 for the nine months ended September 30, 2016 and 2015, respectively and $455,476 and $439,477 for the three months ended September 30, 2016 and 2015, respectively. The Company has incurred losses since inception resulting in an accumulated deficit of $8,026,046 as of September 30, 2016. The net loss presented for the three and nine months is attributed to goodwill impairment, an increase in professional fees as related to the Merger, and an increase in stock compensation expense. The net loss present for the prior period was attributed to stock compensation expense and research and development expenses. The Company anticipates further losses in the development of its business. The Company had a net working capital of $2,937,320 at September 30, 2016 as a result of the Merger and simultaneous financings. Based on its current forecast and budget, Management believes that its cash resources will be sufficient to fund its operations for nearly eighteen months from the date of this quarterly report. Absent generation of sufficient revenue from the execution of the Company’s business plan, it will need to obtain debt or equity financing by mid- 2018.