Quarterly report pursuant to Section 13 or 15(d)

LIQUIDITY, GOING CONCERN AND MANAGEMENT'S PLANS

v3.7.0.1
LIQUIDITY, GOING CONCERN AND MANAGEMENT'S PLANS
6 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
LIQUIDITY, GOING CONCERN AND MANAGEMENT'S PLANS

The Company incurred net losses of approximately $3,475,000 and $11,376,000 for the six months ended June 30, 2017 and 2016, respectively. The Company will continue to incur losses until such time as it can bring a sufficient number of approved products to market and sell them with margins sufficient to offset expenses.  

 

To date, the Company’s sole source of funds has been from the issuance of debt and equity.

 

As discussed in Note 5, in February 2017, the Company obtained approximately $2,618,000, net of fees, in a private equity financing. The Company will require additional cash in 2017 and is exploring other fundraising options for 2017. No assurances can be provided regarding the success of such efforts. Furthermore, if the Company is unable to raise sufficient financing in 2017, it could be required to undertake initiatives to conserve its capital resources, including delaying or suspending the development of its technology. These matters raise substantial doubt about the Company’s ability to continue as a going concern.

 

The financial statements do not include any adjustments to the carrying amounts of its assets or liabilities that might be necessary should the Company be unable to continue as a going concern.