Liquidity and Going Concern

9 Months Ended

Sep. 30, 2014

Liquidity and Going Concern [Abstract]

Liquidity and Going Concern

For the year ended December 31, 2013, our audited consolidated financial statements included an opinion containing an explanatory paragraph as to the uncertainty of our Company’s ability to continue as a going concern.  Additionally, we have incurred net losses through September 30, 2014 and have yet to establish profitable operations and cash flows from operations.  These factors among others raised a substantial doubt about our ability to continue as a going concern.  Our unaudited condensed consolidated financial statements as of and for the nine months ended September 30, 2014 do not contain any adjustments for this uncertainty.  In response to our Company’s cash needs, in the fourth quarter of 2013 we raised approximately $500,000 in net cash through the issuance of two 7% Convertible Promissory Notes (approximately $250,00 was raised on October 25, 2013 and approximately $250,000 was raised on November 4, 2013).  Warrants to purchase an aggregate 200,000 shares of our common stock at an exercise price of $2.25 per share were also issued with these investments.  In the first quarter of 2014 we raised $10,472,003 in additional cash through the issuance of 4,072,426 shares of Series C convertible preferred stock (raised during four separate tranches on February 11, February 21, March 6, and March 14, 2014).  All amounts raised will be used to fund our investing and operating cash flow needs.