Background
RESULTS OF OPERATIONS Revenues
In the year ended
Expenses
Operating expenses totaled
General and administrative fees increased
Research and Development increased
Professional fees increased
Other Expenses
Other expense increased
19 Table of Contents Net Loss
In the year ended
Going Concern
The financial statements included in this filing have been prepared in conformity with generally accepted accounting principles that contemplate the continuance of the Company as a going concern.
Management evaluated all relevant conditions and events that are reasonably
known or reasonably knowable, in the aggregate, as of the date the consolidated
financial statements are issued and determined that substantial doubt exists
about the Company's ability to continue as a going concern. The Company's
ability to continue as a going concern is dependent on the Company's ability to
generate revenues and raise capital. The Company has not generated sufficient
revenues from product sales to provide sufficient cash flows to enable the
Company to finance its operations internally. As of
Over the next twelve months management plans raise additional capital and to invest its working capital resources in sales and marketing in order to increase the distribution and demand for its products. If the Company fails to generate sufficient revenue and obtain additional capital to continue at its expected level of operations, the Company may be forced to scale back or discontinue its sales and marketing efforts. However, there is no guarantee the Company will generate sufficient revenues or raise capital to continue operations. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Liquidity and Capital Resources
At
Cash Flows from Operating, Investing and Financing Activities
The following table provides detailed information about our net cash flow for all financial statement periods presented in this Annual Report. To date, we have financed our operations through the issuance of stock and borrowings.
The following table sets forth a summary of our cash flows for the years endedDecember 31, 2021 and 2020: Year endedDecember 31, 2021 2020
Net cash used in operating activities
(25,298 ) -
Net cash provided by financing activities 2,365,244 1,622,225 Net increase/(decrease) in Cash
(91,902 ) 147,286 Cash, beginning 151,628 4,342 Cash, ending$ 59,726 $ 151,628 20 Table of Contents Operating activities
Net cash used in operating activities was
Investing activities
Net cash used in investing activities was
Financing activities
Net cash provided by financing activities for the year ended
Ongoing Funding Requirements
As of
Until such time, if ever, as we can generate substantial product revenues, we intend to finance our cash needs through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. There can be no assurance that any of those sources of funding will be available when needed on acceptable terms or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of existing stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of existing stockholders. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise funds through collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms that may not be favorable to us.
If we are unable to raise additional funds through equity or debt financings or relationships with third parties when needed or on acceptable terms, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts; abandon our business strategy of growth through acquisitions; or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.
Critical Accounting Polices
In
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
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