Liquidity and Capital Resources
The Company had working capital of $15,354,149 on December 31, 2019 compared to $3,847,842 on December 31, 2018. The Company’s balance sheet as of December 31, 2019 reflects assets with a book value of $24,077,355 compared to $25,137,903 as of December 31, 2018. Eighty-four percent (84%) of the book value at December 31, 2019 was in current assets consisting primarily of receivable from the sale of discontinued operations of $18,000,000 compared to twenty-seven percent (27%) of the book value as of December 31, 2018, or $6,888,264, was in current assets consisting primarily of cash and other current assets.
The Company is satisfied that it has sufficient working capital to meet its operating requirements over the next 12 months.