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LIQUIDITY AND CAPITAL RESOURCES | 12 Months Ended
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Dec. 31, 2021
Liquidity And Capital Resources |
LIQUIDITY AND CAPITAL RESOURCES | NOTE－2 LIQUIDITY AND CAPITAL RESOURCES As of December 31, 2021, the Company had cash balances of $23,264,777, a working capital surplus of $27,193,066 and accumulated deficit $47,352,456. For the year ended December 31, 2021, the Company had a net loss of $34,864,740 and net cash used by operating activities of $10,813,938. Net cash used by investing activities was $246,837. Net cash provided by financing activities was $33,823,757, resulting principally from $25,447,154 net proceeds from IPO public offering and $8,528,079 net proceeds from the issuance of preferred stock and C1 warrants exercised. The Company also repaid $151,476 of First Insurance Funding loan during 2021. Subsequently, in February 2022, the Company filed the registration statement in connection with its underwritten public offering of 3,484,845 shares of common stock and accompanying warrants to purchase up to 3,484,845 shares of common stock, for aggregate gross proceeds of approximately US$11.5 million. Upon the closing, the Company received net proceeds of approximately $10.7 million, net of issuance cost. The Company believes that cash balances following the capital infusion are adequate to meet the Company’s cash requirements for the next twelve months. The Company believes that it will be able to continue to grow the Company’s revenue base and control expenditures, there is no assurance. In parallel, the Company continually monitors its capital structure and operating plans and evaluates various potential funding alternatives that may be needed in order to finance the Company’s business development activities, general and administrative expenses and growth strategy. COVID-19 (Delta and Omicron variants) Due to the current or future resurgence of the pandemic (including the potential emergence of new and more transmissible variants, such as the Delta and Omicron variants), it has significantly impacted health and economic conditions throughout Vietnam, Singapore and Southeast Asia. National, regional and local governments took a variety of actions to contain the spread of COVID-19, including office and store closures, quarantining suspected COVID-19 patients, and capacity limitations. These developments have significantly impacted the results of operations, financial condition and cash flows of the Company included in this reporting. The impact included the difficulties of working remotely from home including slow Internet connection, the inability of our accounting and financial officers to collaborate as effectively as they would otherwise have in an office environment and issues arising from mandatory state quarantines. While it is not possible at this time to estimate with sufficient certainty the impact that COVID-19 could have on the Company’s business, the continued spread of COVID-19 and the measures taken by federal, state, local and foreign governments could disrupt the operation of the Company’s business. The COVID-19 outbreak and mitigation measures have also had and may continue to have an adverse impact on global and domestic economic conditions, which could have an adverse effect on the Company’s business and financial condition, including on its potential to conduct financings on terms acceptable to the Company, if at all. In addition, the Company has taken temporary precautionary measures intended to help minimize the risk of the virus to its employees, including temporarily requiring employees to work remotely, and discouraging employee attendance at in-person work-related meetings, which could negatively affect the Company’s business. These measures are continuing. The extent to which the COVID-19 outbreak impacts the Company’s results will depend on future developments that are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of the virus and the actions to contain its impact.

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