NOTE 1 - BASIS OF PRESENTATION
|6 Months Ended|
Jun. 30, 2020
|NOTE 1 - BASIS OF PRESENTATION||
NOTE 1 BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements include the accounts of ZIVO Bioscience, Inc. and its wholly- owned subsidiaries (collectively, the Company). All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of the Companys management, the financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the information set forth therein. These consolidated financial statements are condensed, and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Companys December 31, 2019 consolidated audited financial statements and Notes thereto included in the Annual Report on Form 10-K filed with the SEC on March 26, 2020.
The results of operations for the six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2020, or any other period.
The Company incurred a net loss of $3,709,813 for the six months ended June 30, 2020. In addition, the Company had a working capital deficiency of $9,871,274 and a stockholders deficit of $9,992,974 at June 30, 2020. These factors continue to raise substantial doubt about the Company's ability to continue as a going concern. During the six months ended June 30, 2020, the Company raised $605,400 from the issuance of common stock and exercise of common stock warrants; $1,150,000 from the proceeds from the sale of Participation Agreements and related warrants; $121,700 in Loans Payable, Other and $51,000 in loans from related parties. There can be no assurance that the Company will be able to raise additional capital.
The accompanying unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.
The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef