Liquidity

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Liquidity

Liquidity

As of December 31, 2023, we had $5,990,000 of available cash and cash equivalents, inclusive of $500,000 held in short-term certificates of deposit, and $5,498,000 of working capital. For the years ended December 31, 2023 and 2022, we incurred net losses of $4,384,000 and $21,941,000, respectively, and net cash used in operating activities was $2,993,000 and $5,934,000, respectively.

Net cash provided by investing activities for the year ended December 31, 2022 was $19,000, primarily related to the sale of property and equipment. There was no cash flow activity related to investing activities for the year ended December 31, 2023.

Net cash provided by financing activities for the year ended December 31, 2023 was attributable to a private placement resulting in net proceeds of $5,364,000 and warrant exercises resulting in net proceeds of $534,000 (see Note 9 - Capital Stock and Note 10 - Preferred Stock to our Consolidated Financial Statements). There was no cash flow related to financing activities for the year ended December 31, 2022.

Future Capital Requirements

We believe that our existing cash and cash equivalents will be sufficient to fund our operations and meet our working capital requirements for at least the next 12 months from the filing date of this Report with the SEC. We believe additional capital will be required, in the long-term, to fund operations and provide growth capital including potential strategic alternatives and investments in technology, product development and sales and marketing. To access capital to fund operations or provide growth capital, we will need to raise capital in one or more debt and/or equity offerings. There can be no assurance that we will be successful in raising necessary capital or that any such offering will be on terms acceptable to the Company. If we are unable to raise additional capital that may be needed on terms acceptable to us, it could have a material adverse effect on the Company.