2. Liquidity and Going Concern

Through March 31, 2021, the Company has raised $3,200,000 of funding through the sales of its Series A Convertible Preferred Stock (“Series A Preferred”) and the issuance of two promissory notes. As of March 31, 2021, the Company had an accumulated deficit of $9,532,345 and cash and cash equivalents of $3,307,083. The Company’s ability to continue as a going concern is highly contingent on the ability to raise additional capital for ongoing research and development and clinical trials as the Company expects to continue incurring losses for the foreseeable future.

On May 11, 2021, the Company closed on an IPO of 3,000,000 shares of its common stock at an offering price of $7.00 per share for gross proceeds of approximately $21,000,000.

The Company believes that its existing cash and cash equivalents, plus the net proceeds from the IPO, will enable the Company to meet its operational liquidity needs and fund its planned investing activities for at least the next 12 months from the date of issuance of these unaudited financial statements.