|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.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef