Quarterly report pursuant to Section 13 or 15(d)

Liquidity, Financial Condition and Management's Plans

v2.4.1.9
Liquidity, Financial Condition and Management's Plans
3 Months Ended
Mar. 31, 2015
Liquidity, Financial Condition and Management's Plans [Abstract]  
Liquidity, Financial Condition and Management's Plans

2. Liquidity, Financial Condition and Management's Plans

 

The Company funds its operations principally from cash on hand and accounts receivable collected.

 

In April 2015, the Company sold an aggregate of 1,670,000 shares of the Company's common stock at $3.00 per share for gross proceeds of $5,010,000. Net proceeds, after the payment of commissions and legal and other expenses, amounted to approximately $4.4 million.

  

The Company is closely monitoring and controlling operating costs and capital requirements and has developed an operating plan for 2015 which is projected to result in positive operating cash flow by December 31, 2015. The Company is also leveraging the benefits of the combined operations and has actively begun eliminating duplicative costs across the organization. The Company has also developed new products that leverage the operating strengths of the three distinct business units and anticipate positive market acceptance. Management believes that the Company's cash, investments on hand and anticipated cash to be received from expected future sales will be sufficient to sustain operations for the next twelve months. However, there can be no assurances that the plans and actions proposed by management will be successful, that the Company will generate anticipated revenues, or that unforeseen circumstances will not require additional funding sources in the future or effectuate plans to conserve liquidity.