Annual report pursuant to Section 13 and 15(d)

Going Concern

v3.23.1
Going Concern
12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

Note 3 – Going Concern

 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company was only recently formed, has not yet established profitable operations and has incurred losses since inception. These factors raise substantial doubt about the ability of the Company to continue as a going concern. In this regard, management is proposing to raise additional funds not provided by operations through loans or through sales of its common stock. There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties.

 

The Company recognized its first revenues in December 2021. It relies on short-term debt and equity funding for its operations. At December 31, 2022 and 2021, the Company had a cash balance of $1,155,343 and $424,445, and the Company used $1,083,960 and $813,211 to fund operating activities for the years ending December 31, 2022 and 2021, respectively. For the year ended December 31, 2022 the Company raised approximately $737,000 from the sale of 286,834 shares of its common stock and approximately $1,260,000 from the sale of 28,004 shares of Preferred Series A stock and incurred offering costs of $149,137. The Company raised approximately $1,042,788 in capital contributions (net of offering costs of $106,731) during 2021. The Company may need to raise additional funding and manage expenses in order to continue as a going concern.