2. Going Concern and Management’s Plans

At December 31, 2022, the Company’s principal sources of liquidity were its cash and cash equivalents and the net proceeds from the sale of common stock during the twelve months ended December 31, 2022.

The Company had an accumulated deficit of ($98,382,540) at December 31, 2022. During the year ended December 31, 2022, the Company generated a net loss from continuing operations of approximately ($3,157,000) and used cash in continuing operations during the twelve months ended December 31, 2022, of approximately $2,250,000. At December 31, 2022, the Company had a cash balance of $1,236,771. Total revenues during the year ended December 31, 2022, were approximately $8,314,000 compared to total revenues of approximately $6,099,000 during the year ended December 31, 2021. The Company had a working capital deficit from continuing operations of approximately $187,000 and working capital from continuing operations of approximately $834,000 at December 31, 2022 and 2021. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to further implement its business plan, raise capital, and generate revenues. The consolidated financial information contained herein does not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Management believes that its available cash on hand and cash flows from operations may be sufficient to meet our working capital requirements for the next twelve months, however, in order to accomplish our business plan objectives, the Company will need to continue its cost reduction efforts, increase revenues, and raise capital through the issuance of common stock, or through a strategic merger or acquisition. There can be no assurances that our business plans and actions will be successful, that we will generate anticipated revenues, or that unforeseen circumstances will not require additional funding sources or impact plans to conserve liquidity. Future efforts to improve liquidity through the issuance of our common stock may not be successful, or if available, they may not be available on acceptable terms.