2. LIQUIDITY

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

LIQUIDITY

2. LIQUIDITY

As reflected in the accompanying unaudited condensed financial statements for the three months ended March 31, 2021, the Company had a net loss and net cash used in operating activities of $1,250,809 (which includes $191,390 of non-cash compensation expense) and $855,783, respectively. Additionally, at March 31, 2021, the Company had an accumulated deficit of $52,273,415. The Company has incurred significant losses from operations since inception, and such losses are expected to continue.

In April 2019, the Company issued shares of its common stock in a public offering that generated gross proceeds of $13,201,000, which was used to pay off the Company’s debt and to fund business operations. The Company issued shares in two additional public offerings generating gross proceeds of $11,499,675 in July 2020 and $7,500,000 in November 2020. In addition, the company issued warrants as part of the April 2019 public offering which has generated an additional $10,879,389 during fiscal 2020 through March 31, 2021. At March 31, 2021, there are 576,946 warrants outstanding, which if fully exercised would generate an additional $3,639,359.

At March 31, 2021, our cash balance was $28,214,029 and our working capital was $29,507,478. Management believes it has sufficient cash to fund its liabilities and operations for at least the next twelve months from the issue date of this report.