Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  

Note 2. Liquidity

The Company incurred a net loss of approximately $5,908,000 and $2,428,000 during the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, the Company had working capital of approximately $19,685,000, primarily as a result of the net proceeds raised in the IPO of approximately $23,420,000 (see Note 6). As of December 31, 2019, the Company had working capital of approximately $744,000.

On January 20, 2021, the Company closed a public offering of 4,928,571 shares of its common stock at a public offering price of $14.00 per share, which amount included 642,856 shares sold upon full exercise of the underwriter’s over-allotment option. Total gross proceeds from the offering were $68,999,994, and net proceeds from the offering were approximately $64,200,000.

The Company has received funding in the form of periodic capital raises and also plans to apply for grant funding in the future to assist in supporting its capital needs. We may also explore the possibility of entering into commercial credit facilities as an additional source of liquidity.

We believe that our existing cash and cash equivalents as of December 31, 2020, and our anticipated expenditures and capital commitments for the calendar year 2021 and the first half of 2022, will enable us to fund our operating expenses and capital expenditure requirements for at least 12 months from the date of filing this Form 10-K for the year ended December 31, 2020.