Note 2 – Liquidity and Management’s Plans

As of September 30, 2021, the Company had working capital and stockholders’ equity of $13,488,027 and $13,870,748, respectively. During the nine months ended September 30, 2021, the Company incurred a net loss of $12,683,467 and utilized cash of $11,733,423 in its operating activities. Based on the cash and investments on hand as of September 30, 2021, proceeds from the recent underwritten public offering (see Note 11 Subsequent Events) and the projected cash burn, the Company believes that it has sufficient capital to meet its operating expenses and obligations for the next twelve months from the date of this filing. However, if unanticipated difficulties or circumstances arise, the Company may be forced to raise additional capital sooner to support its operations as currently planned. If the Company is unable to raise additional capital whenever necessary, it may be forced to decelerate or curtail its research and development activities and/or other operations until such time as additional capital becomes available. Such limitation of its activities would allow the Company to slow its rate of spending with the goal of extending its use of cash until additional capital is raised. There can be no assurance that such a plan would be successful. There is no assurance that additional financing will be available when needed or that the Company will be able to obtain such financing on reasonable terms.