Liquidity and Operations

12 Months Ended

Dec. 31, 2022

Liquidity and Operations [Abstract]

LIQUIDITY AND OPERATIONS

4. LIQUIDITY AND OPERATIONS

The Company had a net loss of $8,489,924 for the year ended December 31, 2022, which includes net income from discontinued operations of zero, and $8,482,771 for the year ended December 31, 2021, which includes net income from discontinued operations of $73,614 and net cash used in operating activities of $4,875,539 and used in operating activities of $4,958,822, in the same periods, respectively.

As of December 31, 2022, the Company had a short-term equity line relationship with one investor. During the current period, the investor provides short-term proceeds under a stock purchase agreement disclosed in footnote 11 The Company does not have any long-term sources of liquidity. As of December 31, 2022, there were no unused sources of liquidity, nor were there any commitments of material capital expenditures.

While the Company expects that its capital needs in the foreseeable future may be met by cash-on-hand and projected positive cash-flow, there is no assurance that the Company will be able to generate enough positive cash flow or have sufficient capital to finance its growth and business operations, or that such capital will be available on terms that are favorable to the Company or at all. It could become difficult for the Company to obtain working capital and other business financing.  There is no assurance that the Company would be able to obtain additional working capital through the sale of its securities or from any other source.