MANAGEMENT'S PLANS	9 Months Ended
Sep. 30, 2020
MANAGEMENT'S PLANS [Abstract]
MANAGEMENT'S PLANS	NOTE 2 – MANAGEMENT’S PLANS Our future expenditures and capital requirements will depend on numerous factors, including: the impact of the COVID-19 pandemic; the progress of our research and development efforts; the rate at which we can, directly or through arrangements with original equipment manufacturers, introduce and sell products incorporating our polymer materials technology; the costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; market acceptance of our products and competing technological developments; and our ability to establish cooperative development, joint venture and licensing arrangements. From late March through May 1, 2020, the Company curtailed most operations due to the COVID-19 pandemic. On April 24, 2020, the Company received $410,700 in loan funding from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Paycheck Protection Program, administered by the U.S. Small Business Administration (See Note 8). We expect that we will incur approximately $600,000 of expenditures per month over the next 12 months. Our current cash position enables us to finance our operations through January 2021 before we will be required to replenish our cash reserves pursuant to the Lincoln Park financing. Subject to any additional impact of the COVID-19 pandemic, we expect our Lincoln Park financing (described in Note 10) to provide us with sufficient funds to maintain our operations over that period of time and until May 2022. Our cash requirements are expected to increase at a rate consistent with the Company’s path to revenue growth as we expand our activities and operations with the objective of commercializing our electro-optic polymer technology. We currently have no debt to service other than the loan under the Paycheck Protection Program. The loan is eligible for forgiveness as part of the CARES Act if certain requirements currently in effect are met. The Company has submitted a loan forgiveness application under the provisions of the CARES Act that allow for forgiveness; and believes the Company has met the requirements for the loan to be entirely forgiven pursuant to loan forgiveness standards currently in effect.

MANAGEMENT'S PLANS

9 Months Ended

Sep. 30, 2020

NOTE 2 – MANAGEMENT’S PLANS

Our future expenditures and capital requirements will depend on numerous factors, including: the impact of the COVID-19 pandemic; the progress of our research and development efforts; the rate at which we can, directly or through arrangements with original equipment manufacturers, introduce and sell products incorporating our polymer materials technology; the costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; market acceptance of our products and competing technological developments; and our ability to establish cooperative development, joint venture and licensing arrangements. From late March through May 1, 2020, the Company curtailed most operations due to the COVID-19 pandemic. On April 24, 2020, the Company received $410,700 in loan funding from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Paycheck Protection Program, administered by the U.S. Small Business Administration (See Note 8). We expect that we will incur approximately $600,000 of expenditures per month over the next 12 months. Our current cash position enables us to finance our operations through January 2021 before we will be required to replenish our cash reserves pursuant to the Lincoln Park financing. Subject to any additional impact of the COVID-19 pandemic, we expect our Lincoln Park financing (described in Note 10) to provide us with sufficient funds to maintain our operations over that period of time and until May 2022. Our cash requirements are expected to increase at a rate consistent with the Company’s path to revenue growth as we expand our activities and operations with the objective of commercializing our electro-optic polymer technology. We currently have no debt to service other than the loan under the Paycheck Protection Program. The loan is eligible for forgiveness as part of the CARES Act if certain requirements currently in effect are met. The Company has submitted a loan forgiveness application under the provisions of the CARES Act that allow for forgiveness; and believes the Company has met the requirements for the loan to be entirely forgiven pursuant to loan forgiveness standards currently in effect.