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Operations And Liquidity
9 Months Ended
Sep. 30, 2013
Operations And Liquidity [Abstract]  
Operations And Liquidity

2.Operations and Liquidity

 

We have sustained recurring losses and negative cash flows from operations. Our activities have historically been funded through a combination of equity and convertible debt financings and the sale of certain assets. As of September 30, 2013, we had approximately $16.5 million of cash and cash equivalents available to fund operations and investing activities. We review cash flow forecasts and budgets periodically.

 

We expect that we will need to raise substantial additional capital to accomplish our business plan over the next several years. We expect to obtain additional funding through debt or equity financing in the capital markets, joint ventures, license agreements, sale of assets, sale of the Company or other strategic alliances, as well as various other financing arrangements, or a combination thereof. If we obtain additional funds by issuing equity securities, dilution to stockholders may occur. In addition, preferred stock could be issued in the future without stockholder approval, and the terms of our preferred stock could include dividend, liquidation, conversion, voting and other rights that are more favorable than the rights of the holders of our common stock. There can be no assurance as to the availability or terms upon which such financing and capital might be available.

 

We are actively engaged in generating revenue through the license of our technology.

 

We are currently exploring alternatives for raising capital to commercialize the growth of our businesses, including the formation of joint ventures and other strategic alliances. If adequate funds are not available, or if we are not successful in establishing a strategic alliance, we may be required to seek to enter into a business combination transaction with or sell assets to another company. We could also be forced to license to third parties the rights to commercialize additional products or technologies that we would otherwise seek to develop ourselves.