Liquidity and Financial Condition

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Liquidity and Financial Condition

Liquidity and Financial Condition 

The Company had net income of $3.0 million for the year ended December 31, 2021 and has an accumulated deficit of $61.7 million at December 31, 2021. The Company had $62.3 million of working capital at December 31, 2021. The Company has financed its operations from sale of Common Stock, convertible debt, and through non-equity cash investments by a number of investors, in exchange for an interest in any pre-tax profits received by the Company that was derived from the sale of the Opioid Overdose Reversal Treatment Product less any and all expenses incurred by and payments made by the Company in connection with the Opioid Overdose Reversal Treatment Product ("OORT").

    During the year ended December 31, 2021, the Company received net cash proceeds of approximately $2.7 million from the exercise of stock options.

    During the year ended December 31, 2020, the Company received net cash proceeds of approximately $18.7 million from a debt offering, and $0.7 million from the exercise of stock options and warrants.

The Company believes that it has sufficient capital resources to sustain operations through at least the next twelve months from the date of this filing.