Going concern |
3 Months Ended | |
|---|---|---|
Sep. 30, 2020 | ||
| Going Concern [Abstract] | ||
| Going concern |
3. Going Concern The accompanying consolidated financial statements have been prepared in conformity with US GAAP, which contempla t e continuation of the Company as a going concern. For the three months ended September 30, 2020, and 2019, the Company incurred a net loss of $2.7 million and $1.1 million, and used net cash of $2.3 million and $0.5 million in operations, respectively. Based on the existing cash and cash equivalents of the Company, including the proceeds from a public offering of common stock (and common stock equivalents) that closed on October 6, 2020 (see Note 1 3 ), management estimates that cash and cash equivalents will be sufficient to fund the Company’s operations for at least the next twelve months from the filing of this form 10-Q.The financial report does not contain any adjustments to the amounts or classifications of recorded assets or liabilities that might be necessary if the Company does not continue as a going concern. The financial statements take no account of the consequences, if any, of the effects of unsuccessful product development or commercialization, nor of the inability of the Company to obtain adequate funding in the future. |