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Note 2 - Liquidity and Basis of Presentation
6 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Liquidity [Text Block]
NOTE
2
– LIQUIDITY
AND BASIS OF PRESENTATION
 
 
The accompanying financial statements have been prepared on a going concern basis. The Company has a history of recurring losses from operations and use of cash in operating activities. For the
six
months ended
June 30, 2017,
the Company's net loss was
$4,603,886
and cash used in operating activities was
$483,308.
 At
June 30, 2017,
the Company had negative working capital of
$1,248,451,
which includes
$1,001,593
of accrued PIK Note interest, which the Company expects to satisfy through the issuance of additional PIK Notes and
$167,841
of payables for which the Company believes it has a statute of limitations defense. Furthermore, the Company last obtained financing in
November 2014
but cannot provide any assurance that it will be able to raise additional financing needed. Collectively, these factors raise substantial doubt about the Company’s ability to continue as a going concern.
 
Management believes that in order for the Company to meet its obligations arising from normal business operations through
August, 2018
that the Company requires (i) additional capital either in the form of a private placement of common stock or debt and/or (ii) additional sales of its products that will generate sufficient operating profit and cash flows to fund operations. Without additional capital or additional sales of its products, the Company’s ability to continue to operate will be limited.
 
Based on the Company’s current cash usage expectations, management believes it will
not
have sufficient liquidity to fund its operations through
August, 2018. 
Further, management cannot provide any assurance that it is probable that the Company will be successful in accomplishing any of its plans to raise debt or equity financing or generate significant additional product sales. Collectively, these factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do
not
include any adjustments to the recoverability and classification of recorded assets amounts and classification of liabilities that might be necessary should the Company
not
be able to continue as a going concern.