Quarterly report pursuant to Section 13 or 15(d)

Liquidity

v3.20.2
Liquidity
6 Months Ended
Jun. 30, 2020
Liquidity and Going Concern [Abstract]  
Liquidity

Note 2. Liquidity

 

The Company incurred a net loss of $1,310,698 and $1,083,366 during the six months ended June 30, 2020 and June 30, 2019, respectively. As of June 30, 2020, the Company had working capital of $23,320,992, primarily as a result of the net proceeds raised in the IPO of approximately $23,420,000 (see Note 5). The Company had working capital of $743,526 as of December 31, 2019. The Company has received funding in the form of periodic capital raises and also plans to apply for grant funding in the future to assist in supporting its capital needs. We may also explore the possibility of entering into commercial credit facilities as an additional source of liquidity. As of December 31, 2019, there was substantial doubt about the Company's ability to continue as a going concern in the absence of additional funding. We believe that our existing cash and cash equivalents as of June 30, 2020, resulting from the proceeds raised in the IPO, and our anticipated expenditures and capital commitments for the calendar year 2020 and the first half of calendar year 2021, will enable us to fund our operating expenses and capital expenditure requirements for at least 12 months from the date of this quarterly report.