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GOING CONCERN
6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

NOTE 2 – GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is in the growth and acquisition stage and, accordingly, has not yet reached profitability from its operations. Since inception, the Company has been engaged in financing activities and executing its plan of operations and incurring costs and expenses related to product development, branding, inventory buildup and product launch. As a result, the Company has continued to incur significant net losses for the six months ended June 30, 2024, and 2023 of ($7,954,282) and ($817,259), respectively. The Company’s accumulated deficit was ($53,167,876) as of June 30, 2024, and ($45,213,594) as of December 31, 2023. The Company’s working capital was $129,940 as of June 30, 2024, compared to $4,551,927 as of December 31, 2023.

 

The ability of the Company to continue as a going concern is dependent upon its ability to raise capital from the sale of its equity and, ultimately, the achievement of significant operating revenues and profitability. The Company is currently conducting a Reg. A+ offering on Form 1-A that became effective on March 13, 2024. Total amount to be sought under this Reg. A+ offering is approximately $20.0 million. The Company due to its notification and termination of its prior PCAOB accountants is required to re-audit its financial statements for the past two years for inclusion in the Reg. A+ offering documents. Until that time that the financial statements are re-audited and opined on by its new PCAOB accountants it is not able to intake any of the proceeds committed to the offering.

 

Management believes that sufficient funding can be secured through the obtaining of loans, as well as future offerings of its preferred and common stock. However, no assurance can be given that the Company will obtain this additional working capital, or if obtained, that such funding will not cause substantial dilution to its existing stockholders. As indicated in our footnotes to our consolidated financial statements, most of our current debt instruments are charging high interest rates. These interest payments and/or premium repayments and prepayments may make it difficult for us to enter into new debt agreements. If the Company is unable to secure such additional funds from these sources, it may be forced to change or delay some of its business objectives and efforts. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.

 

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 be necessary should the Company be unable to continue as a going concern.