XML 28 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Going Concern
12 Months Ended
Dec. 31, 2019
Going Concern [Abstract]  
GOING CONCERN

NOTE 2 – GOING CONCERN

 

As of December 31, 2019, the Company had an accumulated deficit of $21,276,181 and experienced losses since its inception. Losses have principally occurred as a result of non-cash stock-based compensation expense and the substantial resources required for research and development of the Company's products which included the general and administrative expenses associated with its organization and product development as well as the lack of sources of revenues until such time as the Company's products are commercialized. These factors raise substantial doubt about the Company's ability to continue as a going concern for the 12 months following the issuance date of these financial statements. These financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Management plans to seek additional funding through the issuance of common stock for cash and by implementing its strategic plan to develop its pharmaceutical products and allow the opportunity for the Company to continue as a going concern, however there cannot be any assurance that we will be successful in doing so.

 

The Company raised net proceeds of approximately $12.2 million from sales of its common stock during the year ended December 31, 2019, and received $0.9 million in grants during 2019, which the Company estimates should meet its planned operating requirements into the third quarter of 2020. The Company plans to seek to raise additional capital to meet its future operating requirements until such time as it develops a recurring source of revenues, which is not expected for several years. The amount and timing of these capital raises is subject to general market conditions. There cannot be any assurance that the Company will be able to complete these capital raises.