Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Liquidity and Uncertainties

v3.20.2
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.