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Going Concern
12 Months Ended
Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

NOTE 2 - GOING CONCERN

 

As shown in the accompanying consolidated financial statements, the Company incurred a net loss of $2,259,636 and $2,275,826 for the years ended December 31, 2017 and 2016, respectively. The Company has incurred losses since inception resulting in an accumulated deficit of $10,841,759 as of December 31, 2017. The net loss presented for the twelve months is attributed to an increase in research and development expense and an increase in stock compensation expense. The net loss present for the prior period was attributed to goodwill impairment, an increase in professional fees as related to the Merger, and an increase in stock compensation expense. The Company anticipates further losses in the development of its business. The Company had a net working capital of $1,218,290 at December 31, 2017 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 fourth quarter of 2018.

 

As reflected in the consolidated financial statements, the Company had an accumulated deficit at December 31, 2017, a net loss and net cash used in operating activities for the year ended. These factors raise substantial doubt about the Company’s ability to continue as a going concern.