NATURE OF OPERATIONS AND GOING CONCERN (Policy)

12 Months Ended

Dec. 31, 2020

NATURE OF OPERATIONS AND GOING CONCERN

Going Concern

Going Concern

The Company’s financial statements as of December 31, 2020 were prepared under the assumption that the Company will continue as a going concern. At December 31, 2020, the Company had cash and cash equivalents of $19.5 million. Subsequent to December 31, 2020, and as of February 25, 2021, the Company received $8.4 million upon the exercise of certain October 2020 Series A Warrants and October 2020 Placement Agent Warrants. Given the Company’s development plans, the Company estimates cash resources will be sufficient to fund its operations through the second quarter of 2023.

The Company’s ability to continue as a going concern depends on its ability to obtain additional equity or debt financing, attain further operating efficiencies, reduce expenditures, and, ultimately, to generate revenue. If the Company is unable to continue as a going concern, it may have to liquidate its assets and may receive less than the value at which those assets are carried on its audited financial statements, and it is likely that investors will lose all or part of their investment.