Quarterly report pursuant to Section 13 or 15(d)

Liquidity and Management Plans

v3.19.2
Liquidity and Management Plans
6 Months Ended
Jun. 30, 2019
Liquidity And Management Plan Disclosure [Abstract]  
Liquidity and Management Plans

Note 2 – Liquidity and Management Plans

During the three and six months ended June 30, 2019, the Company recorded revenue of $47,500 and $114,000, respectively, and during the three and six months ended June 30, 2018, the Company recorded revenue of $205,773 and $230,773, respectively. During the three and six months ended June 30, 2019, the Company recorded net losses of $9,803,996 and $20,823,464, respectively, and during the three and six months ended June 30, 2018, the Company recorded net losses of $12,298,371 and $25,741,828, respectively. Net cash used in operating activities was $14,423,911 and $15,371,126 for the six months ended June 30, 2019 and 2018, respectively. The Company is currently meeting its liquidity requirements through the proceeds of securities offerings that raised net proceeds of $23,319,156 in March 2019 and $38,846,815 in January 2018, along with payments received under product development projects.

As of June 30, 2019, the Company had cash on hand of $29,208,245. The Company expects that cash on hand as of June 30, 2019, together with anticipated revenues, will be sufficient to fund the Company’s operations into the third quarter of 2020.

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 business operations will generate revenues sufficient to sustain operations. Accordingly, the Company will likely 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 would 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 our existing products, technical feasibility of future products, regulatory approval, competition and global market fluctuations.