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(2) Liquidity
As of March 31, 2026, the Company had cash of approximately $2.7 million, short-term investments of approximately $3.9 million , and has positive working capital of approximately $9.5 million. We have incurred recurring losses and negative cash flows from operations since inception and had an accumulated deficit of approximately $262 million at March 31, 2026. Management believes that our cash and cash equivalents, and investments at March 31, 2026, together with operational cash flows, and capital-raising activities will fund our current operating plans and meet our anticipated obligations for at least the next 12 months. Substantial additional capital will be required to support longer-term growth and operational objectives. Future cash flows are subject to a number of variables, including the ability to generate sales under existing and future business opportunities, and significant additional capital expenditures may be required to conduct our operations. There can be no assurance that operations and other capital sources will provide sufficient cash to maintain planned or future levels of capital expenditures. We regularly monitor potential financings and capital sources, including equity and debt markets, in an effort to meet our planned capital expenditures and liquidity requirements. The availability and terms of future financing will depend on a variety of factors, including general economic and market conditions, our operating performance, and investor interest. Additional funding may not be available on acceptable terms, if at all. If we are unable to obtain adequate financing when needed, we may be forced to delay, reduce the scope of, or eliminate certain operations, commercialization efforts, or other aspects of our business. In addition, raising additional funds through equity offerings may result in dilution to our stockholders, while debt or other financing could involve covenants or obligations that restrict our business operations. Until we can generate sufficient revenue from product sales, if at all, we expect to finance our operations primarily through existing cash reserves and additional capital-raising activities.
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