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Note 2 - Liquidity
12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Substantial Doubt about Going Concern [Text Block]

Note 2 - Liquidity

 

As of December 31, 2024, we had $4,965,000 of available cash and cash equivalents, inclusive of $500,000 held in short-term certificates of deposit and $3,997,000 of working capital. For the years ended December 31, 2024, and 2023, we incurred net losses of $4,043,000 and $4,384,000, respectively, and net cash used in operating activities was $3,406,200 and $2,993,000, respectively.

 

There was no cash flow activity related to investing activities for the years ended December 31, 2024, and 2023.

 

Net cash provided by financing activities for the year ended December 31, 2024, was attributable to net proceeds of $1,478,000 related to the exercise of Series F Preferred Stock warrants, and net proceeds of $903,000 related to the exercise of Common Stock warrants. 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 exercises of Common Stock warrants resulting in net proceeds of $534,000 (see Note 5 - Capital Stock and Note 6 - Preferred Stock to our Consolidated Financial Statements). 

 

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 into mid-2026. 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 from the exercise of outstanding common and/or preferred warrants, and/or in one or more debt and/or equity offerings. There can be no assurance that we will be successful in raising the 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.