Note 3 - Going Concern
|9 Months Ended|
Sep. 30, 2022
|Notes to Financial Statements|
|Substantial Doubt about Going Concern [Text Block]||
3. Going Concern
We had $1.0 millioin of cash as of September 30, 2022. We had a net loss of $6.7 million for the nine months then ended, and we used $5.0 million of cash in our operating activities during that time. In 2021, we had a net loss of $4.1 million and used $3.2 million of cash in our operating expenses. We raised $2.6 million in cash from the exercise of warrants in February 2022 and we have raised $2.1 million in Private Placement financing to date.
As shown in the accompanying financial statements, the Company has incurred net losses from operations resulting in an accumulated deficit of $114.6 million as of September 30, 2022. Further losses are anticipated in the development of the Company’s business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next 12 months with proceeds from the sale of securities, and/or revenues from operations. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.
The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef