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Note 2 - Going Concern
12 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Substantial Doubt about Going Concern [Text Block]

Note 2 - Going Concern

 

The Company’s consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has sustained net losses since inception, which have caused an accumulated deficit of $104,580,122 at March 31, 2022. The Company had a working capital deficit of $3,607,638 as of March 31, 2022, compared to a working capital deficit of $5,054,593, net of working capital of $1,201,488 from discontinued operations at March 31, 2021. In addition, the Company has consumed cash in its operating activities of $1,866,154 including $87,772 used in discontinued operations for the year ended March 31, 2022, compared to $2,185,220 including $118,644 used in discontinued operations for the year ended March 31, 2021. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the consolidated financial statements.

 

Management has been able, thus far, to finance the losses through a public offering, private placements of debt and equity, and obtaining operating funds from stockholders. The Company is continuing to seek sources of financing.  There are no assurances that the Company will be successful in achieving its goals.

 

In view of these conditions, the Company’s ability to continue as a going concern is dependent upon its ability to obtain additional financing or capital sources, to meet its financing requirements, and ultimately to achieve profitable operations. Management believes that its current and future plans provide an opportunity to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that may be necessary in the event the Company is unable to continue as a going concern.