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As shown in the accompanying consolidated financial statements, the Company has incurred an accumulated deficit of $124,649,000 through December 31, 2016 . On a consolidated basis, the Company had cash and cash equivalents of $19,000 at December 31, 2016 .
Selling, general and administrative expenses
During the year ended December 31, 2016 and 2015, we incurred $8,399,000 and $7,954,000 of selling, general and administrative expenses. The increase in selling, general and administrative expenses is primarily attributable to an increase in professional fees, license fees and stock compensation.
Interest Expense
Interest expense was $6,555,000 and $17,039,000 for the year ended December 31, 2016 and 2015 respectively. The decrease is primarily due to an decrease in the non-cash amortization of the debt issuance costs associated with the convertible debentures and demand notes payable and expenses related the issuance of additional shares
Liquidity and Capital Resources
As of December 31, 2019, we had cash and cash equivalents of $19,000. This cash and cash equivalents is in part the result of the proceeds from borrowings in 2016. On the same day we had total current assets of $21,000, and a working capital deficit of $18,928,000. B ased upon the cash position, it is necessary to raise additional capital by the end of the next quarter in order to continue to fund current operations. The Company is pursuing several alternatives to address this situation, including the raising of additional funding through equity or debt financings. In order to finance existing operations and pay current liabilities over the next twelve months, the Company will need to raise approximately $4-5 million of capital.
