|9 Months Ended|
Sep. 30, 2021
NOTE 2 – LIQUIDITY
The accompanying condensed consolidated financial statements do not include any adjustments or classifications that may result from the possible inability of the Company to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared on a basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying condensed consolidated financial statements as of the period ended September 30, 2021, the Company has an accumulated deficit of $15,797,042 and working capital deficit of $4,562,820. At September 30, 2021, the Company had total debt of $7,876,102 and $1,190,974 of unrestricted cash on hand. Since inception, the Company has met its cash needs through proceeds from issuing convertible notes and warrants. The Company’s current capital requirements are to fund working capital and operating activities, fund capital expenditures, and debt repayments.
On October 28, 2021 the Company received $24.8 million of net proceeds from an initial public offering (see Note 18). The Company believes cash on hand from the initial public offering will provide sufficient liquidity to fund operations for at least one year after the date these condensed consolidated financial statements are issued.