Item 1A. Risk Factors
ITEM
1A. RISK FACTORS.
You
should consider the “Risk Factors” included under Item 1A of our Annual Report on Form 10-K for the year ended December 31,
2022 filed with the SEC on March 30, 2023 , as well as the following updated Risk Factor:
As of March 31, 2023, we had $1,488,704 in cash and working capital of
$2,105,349. Our existing cash on hand and anticipated revenues are sufficient to fund our remaining anticipated operating costs only through
June 2023. We will need to raise additional financing to fund our operations, maintain compliance with the NASDAQ listing requirements
and implement our business plan. There is no assurance as to the amount and availability of any required future financing or the terms
thereof. Such financing, if in the form of equity, may be highly dilutive to our existing stockholders and may otherwise include onerous
terms. If in the form of debt, such financing may include covenants and repayment obligations which may be difficult to meet and that
could adversely affect our business operations. We have no current understanding or arrangement to obtain any additional financing. To
the extent that funds are not available to us, we may be required to delay, limit, or terminate our business operations and may lose our
Nasdaq listing.
In light of the foregoing, there is substantial doubt
about our ability to continue as a going concern for 12 months from the date of the filing of this Quarterly Report,
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None
ITEM
3. DEFAULTS UPON SENIOR SECURITIES.
Not
applicable.
ITEM
4. MINE SAFETY DISCLOSURES.
Not
applicable.
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