Going Concern and Management's Plans

9 Months Ended

Sep. 30, 2015

Going Concern and Management's Plans [Text Block]

2. Going Concern and Management’s Plans

For the nine months ended September 30, 2015, we incurred a net loss of approximately $6.6 million and we used cash for operations of approximately $6.2 million. Further, we had an accumulated deficit of approximately $84.6 million as of September 30, 2015.

The Company must continue to rely on debt and equity to pay for ongoing operating expenses in order to execute its business plan. On January 31, 2014, we completed a Series E Preferred Stock financing (as discussed below in Note 9) in which we raised an additional $19.0 million. We also may have the ability to raise funds by various methods, including utilization of our $50 million shelf registration, of which $47.3 million is remaining, as well as other means of financing such as debt or private investment. However, financing may not be available to the Company on terms acceptable to us or at all or such resources may not be received in a timely manner. Further we may need approval to seek additional financing from the shareholders from the August 2012 private financing in the event we do a public financing.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern and, accordingly, do not include any adjustments that might result from the outcome of this uncertainty.