2. LIQUIDITY

9 Months Ended

Sep. 30, 2019

Risks and Uncertainties [Abstract]

LIQUIDITY

2. LIQUIDITY

As reflected in the accompanying unaudited condensed financial statements for the nine months ended September 30, 2019, the Company had a net loss and net cash used in operating activities of $2,543,868 and $3,444,282, respectively. Additionally, at September 30, 2019, the Company had an accumulated deficit of $44,419,527. The Company has incurred significant losses from operations since inception, and such losses are expected to continue.

In April and May 2019, the Company received approximately $8.5 million of cash, net of offering costs and repayment of certain debt, under an equity offering which is more fully described in Note 11. The Company has $5.3 million in cash at September 30, 2019.

With this financing, management believes it has sufficient cash to fund its liabilities and operations beyond the next twelve months from the issue date of this report.