Quarterly report pursuant to Section 13 or 15(d)

Liquidity and Going Concern

Liquidity and Going Concern
3 Months Ended
Mar. 31, 2021
Liquidity And GOING Concern [Abstract]  

Note 2 – Liquidity and Going Concern

As of March 31, 2021, the Company had working capital and stockholders’ equity of $15,703,824 and $15,795,638, respectively. During the three months ended March 31, 2021, the Company incurred a net loss of $4,038,344 and utilized cash of $4,139,387 in its operating activities. The Company’s management has evaluated whether there is substantial doubt about its ability to continue as a going concern. The Company has not generated any revenues, has incurred net losses since inception, does not expect to generate revenues in the near term and requires additional capital for its contemplated operational activities. These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the issuance of these financial statements. If the Company is unable to raise additional capital whenever necessary, it may be forced to decelerate or curtail its research and development activities and/or other operations until such time as additional capital becomes available. Such limitation of its activities would allow the Company to slow its rate of spending and extend its use of cash until additional capital is raised. There can be no assurance that such a plan would be successful. There is no assurance that additional financing will be available when needed or that the Company will be able to obtain such financing on reasonable terms.