Liquidity

3 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Liquidity

2. Liquidity (Continued)

On September 22, 2020, the Company closed a registered public offering (the "Offering") issuing 1,799,980 of its Class A common stock, par value $0.0001 per share (the "Common Stock") at $10 per share, resulting in net proceeds to the Company of approximately $15.6 million, net of issuance costs of approximately $2.4 million; and of which approximately $1.8 million was used to satisfy all amounts owing in respect of a 10% OID Convertible Delayed Draw Debenture (the "Debenture") due September 24, 2020 held by the Company's controlling stockholder, Acuitas Group Holdings, LLC ("Acuitas").

On September 17, 2020, the Company’s common stock was approved for listing on The NASDAQ Capital Market (“Nasdaq”) under the symbol “BIVI” and began trading on September 18, 2020.

At September 30, 2020, the Company had working capital of approximately $13.1 million and cash of $13.2 million and, stockholders’ equity was approximately $14.6 million and its accumulated deficit was approximately $87 million. As a development stage enterprise, the Company expects substantial losses in future periods. These unaudited interim condensed financial statements were prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Based on the Company’s plans, management believes it has sufficient funds to fund its operations through our next round of clinical trials through at least November 2021.

The emergence of widespread health emergencies or pandemics of the coronavirus ("Covid-19"), may lead to continued regional quarantines, business shutdowns, labor shortages, disruptions to supply chains, and overall economic instability, including the duration and spread of the outbreak and restrictions and the impact of Covid-19 on the financial markets and the overall economy, all of which are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s ability to raise funds may be materially adversely affected.