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Liquidity and Management Plans
9 Months Ended
Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Liquidity and Management Plans

Note 2 - Liquidity and Management Plans

 

As reflected in the accompanying condensed consolidated financial statements, the Company incurred a net income and net cash used in operations of $749,885 and ($1,245,272), respectively, for the nine months ended September 30, 2016. As of September 30, 2016, the Company had a working capital of $2,543,922 and an accumulated deficit of $15,263,411. As of September 30, 2016, the Company had cash and cash equivalents of $3,188,406. The Company estimates the cash and cash equivalents currently on hand as of November 21, 2016 is insufficient to fund its operations on a long term basis past December 31, 2016. In order to fund operations past that date is dependent on management’s plans, which include the raising of capital through debt and/or equity markets with some additional funding from other traditional financing sources, including term notes, or the significant reduction of operating expenses until such time that funds provided by operations are sufficient to fund working capital requirements. There is no assurance that the Company’s projections and estimates are accurate. The Company is actively managing and controlling the Company’s cash outflows to mitigate these risks.