|3 Months Ended|
Sep. 30, 2020
|Organization, Consolidation and Presentation of Financial Statements [Abstract]|
Note 2. Liquidity
As of September 30, 2020, the Company had cash and cash equivalents of $37.2 million and working capital of $35.1 million. The Company has historically incurred recurring operating losses and experienced net cash used in operating activities of $7.9 million for the three months ended September 30, 2020, which raises substantial doubt about the Company’s ability to continue as a going concern within one year after the issuance date.
As of October 22, 2020, the Company had $34.5 million of cash and cash equivalents, which the Company expects to be sufficient to fund its operations beyond the next twelve months from the date of filing of this Form 10-Q. These funds will be used to fund the Company’s operations, including capital expenditures, R&D, commercialization of our technology, development of our patent strategy and expansion of our patent portfolio, as well as to provide working capital and funds for other general corporate purposes. Except pursuant to its ATM Equity OfferingSM Sales Agreement with BofA Securities, Inc. and Piper Sandler & Co., the Company has no commitments or arrangements to obtain any additional funds, and there can be no assurance such funds, including under the ATM Equity OfferingSM Sales Agreement, will be available on acceptable terms or at all. If the Company is unable to obtain additional financing in a timely fashion and on acceptable terms, its financial condition and results of operations may be materially adversely affected and it may not be able to continue operations or execute its stated commercialization plan.
The entire disclosure for the liquidation basis of accounting.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef