Note 2 - Liquidity and Uncertainties |
9 Months Ended |
|---|---|
Sep. 30, 2020 | |
| Notes to Financial Statements | |
| Substantial Doubt about Going Concern [Text Block] |
NOTE 2 - LIQUIDITY AND UNCERTAINTIES 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 one year after the date that the consolidated financial statements are issued.In the second quarter of 2020 the Company completed two capital raises. In April and June of 2020, the Company completed Common Stock Offerings generating net proceeds of approximately $4.6 million and $13.4 million, respectively (see Note 9 ). As of September 30, 2020, cash on hand was approximately $14.4 million, an increase of $13 million from December 31, 2019. With the combination of these two Common 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 2019 and 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 three and the nine months ended September 30, 2020 was adversely affected.Although there has been a slow pick up in dental instrument and disposable sell through to dentists beginning in the
third quarter, it is too early to determine what the continuing effect COVID-19 may have on our fourth quarter 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. |