Going Concern |
3 Months Ended | |
|---|---|---|
Sep. 30, 2018 | ||
| Going Concern [Abstract] | ||
| Substantial Doubt about Going Concern [Text Block] |
Note 3 Going Concern As reflected in the accompanying financial statements, the Company has a net loss of $3,365,233 and net cash used in operations of $1,432,140 for the three months ended September 30, 2018, working deficit of $6,566,117 and stockholders’ deficit of $6,443,181 and an accumulated deficit of $97,548,917 at September 30, 2018. In addition, the Company is in the clinical stage and has not yet generated any revenues. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company expects that its current cash resources as well as expected lack of operating cash flows will not be sufficient to sustain operations for a period greater than one year. The ability of the Company to continue its operations is dependent on Management's plans, which include continuing to raise capital through equity or debt based financings. The Company is actively seeking additional equity funding from two investors, for which we are under an Exclusivity Agreement, as previously defined in subsequent events. There can be no assurances that such capital will be available to us on acceptable terms, or at all.
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. |