Quarterly report pursuant to Section 13 or 15(d)

Going Concern

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Going Concern
6 Months Ended
Jun. 30, 2020
Going Concern  
Going Concern

2.     Going Concern

 

As of June 30, 2020, the Company had a cash balance of $233,000.  For the six months ended June 30, 2020, the Company incurred a net loss of $1,038,000 and had a net usage of cash in operating activities of $980,000. In addition, the Company had a working capital deficit of $389,000 as of June 30, 2020.

The Company expects to continue incurring losses for the foreseeable future and will need to raise additional capital to support ongoing operations. The ability of the Company to continue to operate as a going concern is dependent upon its ability to raise additional capital and to ultimately achieve profitable operations. Management is evaluating various options to raise capital to fund the Company’s working capital requirements through equity offerings. There can be no assurances, however, that management will be able to obtain sufficient additional funds when needed, or that such funds, if available, will be obtained on terms satisfactory to the Company. These factors raise substantial doubt as to the Company’s ability to continue as a going concern. The condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and liabilities that might be necessary should the Company be unable to continue as a going concern.