Liquidity and Management Plans
|9 Months Ended|
Sep. 30, 2022
|Liquidity And Management Plan Disclosure [Abstract]|
|Liquidity and Management Plans||
Note 2 – Liquidity and Management Plans
During the three and nine months ended September 30, 2022, the Company recorded revenue of $223,201 and $672,133, respectively. During the three and nine months ended September 30, 2021, the Company recorded revenue of $201,364 and $531,389, respectively. During the three and nine months ended September 30, 2022, the Company recorded net losses of $5,964,875 and $20,135,342, respectively. During the three and nine months ended September 30, 2021, the Company recorded net losses of $12,464,526 and $32,006,118, respectively. Net cash used in operating activities was $18,838,453 and $22,498,803 for the nine months ended September 30, 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 September 30, 2022, the Company had cash and cash equivalents of $30,355,468. The Company expects that cash and cash equivalents as of September 30, 2022, together with anticipated revenues, will be sufficient to fund the Company’s operations through November 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.