Going Concern Uncertainty and Management's Plan
|6 Months Ended|
Mar. 31, 2020
|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 condensed 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 $9,581,869 for the six months ended March 31, 2020. The Company has generated no operating revenue to date and has principally raised capital through the issuance of debt and equity instruments to finance its operations. At March 31, 2020, the Company had working capital of $1,280,860 to fund its operations. The Company estimates that its cash resources will be sufficient to fund its operations into the third quarter of fiscal year 2020. This raises substantial doubt about the Company's ability to continue as a going concern.
The Company plans to raise capital through equity financings from outside investors as well as raise additional funds from existing investors and continued borrowings under related party debt agreements. 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 in amounts sufficient for and on terms acceptable to the Company. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of the above uncertainty.