Annual report pursuant to Section 13 and 15(d)

Going Concern Uncertainty and Management's Plan

v3.10.0.1
Going Concern Uncertainty and Management's Plan
12 Months Ended
Sep. 30, 2018
Going Concern Uncertainty and Management's Plan [Abstract]  
GOING CONCERN UNCERTAINTY AND MANAGEMENT'S PLAN

2. GOING CONCERN UNCERTAINTY AND MANAGEMENT’S PLAN

 

The accompanying consolidated 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. The Company experienced negative cash flows from operations of $11,318,138, $7,971,205 and $5,900,421, for the years ended September 30, 2018, 2017 and 2016, respectively. The Company has no revenue and has relied on proceeds from equity transactions and debt to finance its operations. At September 30, 2018, the Company had limited capital to fund its operations. This raises substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the accompanying consolidated financial statements are issued.

 

The Company plans to raise capital through equity financings from outside investors as well as raise additional funds from existing investors. There is no assurance, however, that the Company will be successful in raising the needed capital and, if funding is available, that it will be available on terms acceptable to the Company. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of the above uncertainty.