Quarterly report pursuant to Section 13 or 15(d)

Liquidity and Management Plans

Liquidity and Management Plans
3 Months Ended
Mar. 31, 2022
Liquidity And Management Plan Disclosure [Abstract]  
Liquidity and Management Plans

Note 2 – Liquidity and Management Plans

During the three months ended March 31, 2022 and 2021, the Company recorded revenue of $215,961 and $145,065, respectively. During the three months ended March 31, 2022 and 2021, the Company recorded net losses of $7,152,718 and $8,525,763, respectively. Net cash used in operating activities was $6,356,971 and $5,976,550 for the three months ended March 31, 2022 and 2021, respectively. The Company is currently meeting its liquidity requirements through the proceeds of securities offerings that raised net proceeds of $53,556,202 during 2020, and $27,043,751 during the fourth quarter of 2021, proceeds from contributions to the Company’s employee stock purchase plan (the “ESPP”), along with payments received from customers.

As of March 31, 2022, the Company had cash on hand of $42,774,171. The Company expects that cash on hand as of March 31, 2022, together with anticipated revenues, will be sufficient to fund the Company’s operations through May 2023.

Research and development of new technologies is by its nature unpredictable. Although the Company intends to continue its research and development activities, there can be no assurance that its available resources and revenue generated from its business operations will be sufficient to sustain its operations. Accordingly, the Company expects to pursue additional financing, which could include offerings of equity or debt securities, bank financings, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions. There is no assurance that such financing will be available on terms that the Company would find acceptable, or at all.

The market for products using the Company’s technology is broad and evolving, but remains nascent and unproven, so the Company’s success is dependent upon many factors, including customer acceptance of its existing products, technical feasibility of future products, regulatory approvals, the development of complementary technologies, competition and global market fluctuations.