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Liquidity and Management's Plans
12 Months Ended
Dec. 31, 2019
Liquidity and Managements Plans [Abstract]  
LIQUIDITY AND MANAGEMENT'S PLANS

Note 2 - Liquidity and Management's Plans

 

As of December 31, 2019, the Company had cash and cash equivalents of approximately $28,095,000 and a working capital surplus of approximately $28,777,000. The Company has not generated revenues since inception and has incurred recurring operating losses. The Company expects to continue incurring losses for the foreseeable future and may need to raise additional capital to pursue its product development.

 

The Company expects to further increase its research and development activities, which will increase the amount of cash utilized subsequent to December 31, 2019. Specifically, the Company expects increased spending on research and development activities and higher payroll expenses as it increases its professional and scientific staff and continues to prepare for anticipated manufacturing activities. The Company currently believes its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months from the date of issuance of these consolidated financial statements.