Quarterly report pursuant to Section 13 or 15(d)

Note 3 - Going Concern

Note 3 - Going Concern
6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Substantial Doubt about Going Concern [Text Block]

3. Going Concern


We have $1,091,460 of cash as of June 30, 2022. We had a net loss of $2.0 million for the period then ended, and we used $3.5 million of cash in our operating activities during the period ended June 30, 2022. In 2021, we had a net loss of $8.3 million and used $4.5 million of cash in our operating expenses. We raised $2,550,553 in cash from the exercise of warrants in February 2022. There is substantial doubt that our additional cash from our warrant conversion along with our expected cash flow from operations, will be sufficient to fund our 12-month plan of operations. There can be no assurance that we will not require significant additional capital within 12 months.


As shown in the accompanying financial statements, the Company has incurred net losses from operations resulting in an accumulated deficit of $111,720,120 as of June 30, 2022. Further losses are anticipated in the development of the Company’s business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with proceeds from the sale of securities, and/or revenues from operations. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.