Quarterly report pursuant to Section 13 or 15(d)

Liquidity and Management Plans

Liquidity and Management Plans
3 Months Ended
Mar. 31, 2017
Liquidity And Management Plan Disclosure [Abstract]  
Liquidity And Management Plan Disclosure [Text Block]
Note 2 – Liquidity and Management Plans
During the three months ended March 31, 2017 and 2016, the Company recorded revenue of $575,368 and $136,364, respectively. During the three months ended March 31, 2017 and 2016, the Company recorded a net loss of $12,473,140 and $10,796,542, respectively. Net cash used in operating activities was $10,007,645 and $6,325,595 for the three months ended March 31, 2017 and 2016, respectively. The Company is currently meeting its liquidity requirements through the sales of shares to three different private investors during August 2016, November 2016 and December 2016, which raised net proceeds of $34,788,311, and payments received under product development projects.
As of March 31, 2017, the Company had cash on hand of $21,446,888. The Company expects that cash on hand as of March 31, 2017, together with anticipated revenues, will be sufficient to fund the Company’s operations through the second quarter of 2018. However, the Company may pursue additional financing, which could include follow-on equity offerings, debt financing, co-development agreements or other alternatives, depending upon the market conditions. Should the Company choose to pursue additional financing, there is no assurance that the Company would be able to do so on terms that it would find acceptable.
Research and development of new technologies is, by its nature, unpredictable. Although the Company will undertake development efforts with commercially reasonable diligence, there can be no assurance that its available resources including the net proceeds from investor financings will be sufficient to enable it to develop and obtain regulatory approval of its technology to the extent needed to create future revenues sufficient to sustain its operations.