LIQUIDITY AND MANAGEMENT PLANS |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2021 | |||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| LIQUIDITY AND MANAGEMENT PLANS |
At September 30, 2021, the Company had cash and cash equivalents of approximately $31.8 million and working capital of approximately $29.3 million. The Company has generated only limited revenues since inception and has incurred recurring operating losses.
The Company’s operating plans for the next 12 months include increased spending on research and development headcount, outsourced fabrication and testing, and sales and marketing expenses to drive customer adoption of the Company’s MST technology. 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 generated only limited revenue, 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. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its technology, competing technological and market developments, and the need to enter into collaborations with other companies or acquire technologies to enhance or complement its current offerings. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash. |