2. LIQUIDITY AND MANAGEMENT PLANS |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2018 | |||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| LIQUIDITY AND MANAGEMENT PLANS |
At March 31, 2018, the Company had cash and cash equivalents of approximately $14.5 million and working capital of approximately $14.2 million. The Company has only generated limited revenues since inception, all of which was non-recurring revenue recognized in the fourth quarter of 2017, and has incurred recurring operating losses. At March 31, 2018 the Company had an accumulated deficit of approximately $112.2 million.
The Company’s operating plans for the next 12 months include increased spending on outsourced fabrication and testing and increased headcount in research and development. Based on the funds it has available as of the date of the filing of this report, the Company believes that it has sufficient capital to fund its current business plans and obligations over, at least, 12 months from the date that these financial statements have been issued. However, as the Company has not yet generated recurring revenue from planned principal operations, it is subject to all the risks inherent in the initial organization, financing, expenditures, complications and delays in a new business. Accordingly, the Company may require additional capital, the receipt of which cannot be assured. In the event the Company requires additional capital, there can be no guarantee that funds will be available on commercially reasonable terms, if at all. |