GOING CONCERN AND LIQUIDITY

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOING CONCERN AND LIQUIDITY

NOTE 2. GOING CONCERN AND LIQUIDITY

As of March 31, 2022, and December 31, 2021, the Company had $79,676 and $27,767 cash on hand, respectively, and no revenue-producing business or other sources of income. Additionally, as of March 31, 2022, the Company had negative working capital totaling $14,476,153 and an accumulated deficit of $88,236,301.

These financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. Based on its current financial projections, the Company believes it does not have sufficient existing cash resources to fund its current limited operations. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.

It is the Company’s current intention to raise debt and/or equity financing to fund ongoing operating expenses. There is no assurance that these events will be satisfactorily completed or at terms acceptable to the Company. Any issuance of equity securities, if accomplished, could cause substantial dilution to existing stockholders. Any failure by the Company to successfully implement these plans would have a material adverse effect on its business, including the possible inability to continue operations.