Note 2 - Liquidity and Uncertainties
|9 Months Ended|
Sep. 30, 2020
|Notes to Financial Statements|
|Substantial Doubt about Going Concern [Text Block]||
The Company has evaluated whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within
oneyear after the date that the consolidated financial statements are issued.
2020the Company completed
twocapital raises. In
2020,the Company completed Common Stock Offerings generating net proceeds of approximately
$13.4million, respectively (see Note
9). As of
September 30, 2020,cash on hand was approximately
$14.4million, an increase of
December 31, 2019.With the combination of these
twoCommon Stock Offerings, the Company has sufficient liquidity to support operations beyond a year after the condensed consolidated financial statements issue date.
The coronavirus (COVID-
19) that was reported to have surfaced in Wuhan, China in
December 2019and that has now spread to other countries throughout the world has adversely impact our operations and those of our
third-party partners. As a result of the reduced hours and closings of dental offices throughout the country and the rest of the world due to the continuing spread of COVID-
19,revenues for the
September 30, 2020was adversely affected.
Although there has been a slow pick up in dental instrument and disposable sell through to dentists beginning in the
thirdquarter, it is too early to determine what the continuing effect COVID-
mayhave on our
fourthquarter revenue. In addition, it is uncertain as to what the effect will be on the anticipated commercialization of our CompuFlo Epidural and CathCheck system as a medical device . The extent to which the coronavirus impacts our operations, our
third-party partners, the dental offices and hospital operations and demand depends on future developments which are still highly uncertain. Such future developments could have a material adverse effect on our financial results and our ability to conduct business as expected.
The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef