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LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN CONSIDERATION | 9 Months Ended
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Jun. 30, 2023
LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN CONSIDERATION |
LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN CONSIDERATION | NOTE 2 – LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN CONSIDERATION Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared on the basis that assumes the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. ​ The Company's principal source of liquidity consists of existing cash and restricted cash of approximately $227.4 million as of June 30, 2023. During the nine months ended June 30, 2023, the Company used approximately $113.6 million of cash for operating activities. The net working capital on June 30, 2023 was positive and amounted to approximately $65.1 million, or approximately $224.2 million after excluding derivative liabilities and liabilities to issue stock that are supposed to be settled by issuing common stock without using cash. ​ Management believes we have sufficient liquidity and working capital from operating cash up to June 2024. We will need additional capital beyond June 2024, to sustain operations. The Company may need to seek additional equity or debt financing. While the Company expects to obtain the additional capital and/or financing that may be required, there is no assurance that the Company will be successful in obtaining the necessary funds to bring its product and service offerings to market and support future operations. If the financing is not available, or if the terms of financing are less desirable than the Company expects, the Company may be forced to decrease its planned level of investment in product development or scale back its operations, which could have an adverse impact on its business and financial prospects. ​ These factors, considered in the aggregate, raise substantial doubt as to the Company’s ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

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- Definition The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-40/tableOfContent + Details
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