Note 2 - Going Concern Uncertainty / Management Plans

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Substantial Doubt about Going Concern [Text Block]

NOTE

2

– GOING CONCERN UNCERTAINTY / MANAGEMENT PLANS

The accompanying condensed consolidated financial statements have been prepared in contemplating continuation of the Company as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. However, a substantial doubt has been raised with regard to the ability of the Company to continue as a going concern. The Company has incurred significant operating losses and negative cash flows from operations since inception. The Company had an accumulated deficit of

$42,610,284

at

March 31, 2020

and had

no

committed source of additional debt or equity financing. The Company has

not

had any operating revenue and does

not

foresee any operating revenue in the near term. The Company has relied on the issuance of loans payable and convertible debt instruments to finance its expenses, including notes that are in default, as described in Notes

6,

7,

8,

and

9.

The Company will continue to raise additional capital through placement of our common stock, notes or other securities in order to implement its business plan or additional borrowings, including from related parties. The COVID-

19

pandemic has hindered the Company’s ability to raise capital. There can be

no

assurance that the Company will be successful in either situation in order to continue as a going concern. The consolidated financial statements do

not

include any adjustments that might result from the outcome of these uncertainties.

The Company’s cash position

may

not

be sufficient to support the Company’s daily operations or its ability to undertake any business activity that will generate net revenue.