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Note 2 - Going Concern | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Substantial Doubt about Going Concern [Text Block] |
2. | GOING CONCERN
The Company has incurred significant losses to date and at September 30, 2020 had an accumulated deficit of approximately $98 million. In addition, broad commercial acceptance of the Company's technology is critical to the Company's success and ability to generate future revenues. At September 30, 2020, the Company's total cash and cash equivalents were approximately $18.4 million, as compared to approximately $79,000 at December 31, 2019. The Company has financed operations in the past through access to the capital markets by issuing secured and convertible debt securities, convertible preferred stock, common stock, and through factoring receivables. The Company estimates that it currently requires approximately $680,000 per month to conduct operations, a monthly amount that it has been unable to achieve consistently through revenue generation. In July of 2020, the Company raised approximately $22.7 million, after deducting the underwriting discounts and commissions and estimated offering expenses. The Company used approximately $4.2 million of the net proceeds of the offering to satisfy all outstanding amounts due under convertible promissory notes previously issued to Lind Global Macro Fund, L.P. Due to several factors, including the Company's history of losses and limited revenue, its independent auditors have included an explanatory paragraph in their audit opinion related to the Company's 2019 annual financial statements as to the substantial doubt about the Company's ability to continue as a going concern. The Company's long-term viability and growth will depend upon the successful commercialization of its technologies and expansion of operations, and to pursue merger or acquisition candidates. It is expected that the Company's independent auditors will reevaluate its going concern qualification based on the Company's financial position and performance in future periods. As of the date of the filing of this report, management believes the Company has adequate cash to support the Company's activities through fiscal year 2021.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=51888271 + Details
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