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Note 2 - Liquidity
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Liquidity and Going Concern [Text Block]
NOTE
2
- LIQUIDITY
 
As shown in the accompanying consolidated financial statements, the Company incurred a net loss of
$2,275,826
and
$1,023,442
for the years ended
December
31,
2016
and
2015,
respectively. The Company has incurred losses since inception resulting in an accumulated deficit of
$8,582,123
as of
December
31,
2016.
The net loss presented for the
twelve
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
$2,475,958
at
December
31,
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 at least until the
third
quarter of
2018.
Absent generation of sufficient revenue from the execution of the Company’s business plan, it will need to obtain debt or equity financing by the
third
quarter of
2018.