XML 19 R9.htm IDEA: XBRL DOCUMENT v3.23.3
Going Concern Uncertainty
9 Months Ended
Sep. 30, 2023
Going Concern Uncertainty  
Going Concern Uncertainty

Note 3 - Going Concern Uncertainty

 

The Company has an accumulated deficit of approximately $623,000 as of September 30, 2023. The Company had no revenue-generating operations from which we generated revenues through September 30, 2023.  The Company expects that it will operate at a loss for the foreseeable future.  During October 2023, the Company raised gross proceeds of approximately $6,800,000 through its initial public offering (“IPO”), with net proceeds of approximately $5,435,000 after deducting underwriting discounts and commissions. 

 

Management believes the net proceeds from the IPO will be sufficient to meet its cash, operational and liquidity requirements for at least 12 months after the date of this quarterly report.  However, the Company anticipates that it will be required to raise additional funds through public or private equity financings in the future to expand its business. Should such financing not be available in that time-frame, the Company might be required to reduce its activities.

 

While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.