as_SOL_predicted: "Going Concern" Opinion_Issued_by_Auditors
see my post #54428 "keep eyes peeled 4a 'going concern' opinion"
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To the Stockholders and Board of Directors of
Applied DNA Sciences, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Applied DNA Sciences, Inc. (the “Company”) as of September 30, 2018 and 2017, the related consolidated statements of operations, blah blah blah...
Explanatory Paragraph – Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note A, the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note A. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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NOTE A – LIQUIDITY AND MANAGEMENT’S PLAN
Applied DNA Sciences, Inc. (the “Company”) has recurring net losses, which have resulted in an accumulated deficit of $248,366,083 as of September 30, 2018. The Company incurred a net loss of $11,692,928 and generated negative operating cash flow of $6,917,209 for the fiscal year ended September 30, 2018. At September 30, 2018 the Company had cash and cash equivalents of $1,659,564 and working capital of $1,180,185. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the financial statements. 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 Financial Statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
The Company’s current capital resources include cash and cash equivalents, accounts receivable and inventories. Historically, the Company has financed its operations principally from the sale of equity securities.
