Going Concern and Management’s Plans
|9 Months Ended|
Sep. 30, 2023
|Organization, Consolidation and Presentation of Financial Statements [Abstract]|
|Going Concern and Management’s Plans||
2. Going Concern and Management’s Plans
At September 30, 2023, the Company’s principal sources of liquidity were its cash and cash equivalents.
The Company had an accumulated deficit of $102,180,178 at September 30, 2023. During the nine months ended September 30, 2023, the Company generated a loss from continuing operations, net of tax, of $3,861,035. During the nine months ended September 30, 2023, the Company used cash in continuing operations of $2,415,223. At September 30, 2023, the Company had a cash balance of $615,133. Total revenues were approximately $5,805,000 and $6,363,000 for the nine months ended September 30, 2023 and 2022. The Company had a working capital deficit from continuing operations of approximately $1,264,000 and $187,000 at September 30, 2023 and December 31, 2022. These conditions raise substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to further implement its business plan, raise capital, and generate revenues. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Management believes that its available cash on hand and cash flow from operations may be sufficient to meet our working capital requirements through the fiscal period ending December 31, 2023, however in order to accomplish our business plan objectives, the Company will need to continue its cost reduction efforts, increase revenues, raise capital through the issuance of common stock, issue capital in relation to its line of equity, or through a strategic merger or acquisition. There can be no assurances that our business plans and actions will be successful, that we will generate anticipated revenues, or that unforeseen circumstances will not require additional funding sources in the future or require an acceleration of plans to conserve liquidity. Future efforts to improve liquidity through the issuance of our common stock may not be successful, or if available, they may not be available on acceptable terms.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef