How about this information from their last financials Basically they've spent $29,000,000 dollars so far and generated a million in income from a licensing agreement and they still have no product in production or at least nothing that's been approved. ( from their own statement) I don't know the exact break down of what they spent $29,000,00O dollars on, but I need a job like this!
Liquidity
The accompanying consolidated financial statements have been prepared assuming that the Company will
continue as a going concern. The Company has incurred an operating losses since inception and as of
December 31, 2020, the Company has incurred accumulated deficit of $29,533,234. The Company has
funded its operations through the issuances of notes payable to investors and sales of Series C Convertible
Preferred Stock.
The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise
substantial doubt about its ability to continue as a going concern within one year beyond the filing of this Annual Report. In 2021, the Company has raised $2,000,000 in sales of Series E Convertible Preferred
Stock and additional $950,000 in sales of subscribed Series C Convertible Preferred Stock. On May 12,
2021, the Company entered into a distribution agreement with a company to distribute the Company's antiHIV-1 therapeutic ITV-1 in the countries of India, Pakistan, UAE, Indonesia, Philippines, Nigeria, Benin
and Togo, Kenya, Tanzania, Rwanda, Libya, Uganda, North Sudan, Egypt, Morocco, and Tunisia. The
Company received $1,000,000 in cash from the distribution agreement. As a result, the Company believes
there are sufficient funds to continue operations and research and development programs for at least 12
months from the date of this report.
Note 3. Summary of Significant Accounting Policies
Use of estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported
amounts of revenues and expenses at the date of the consolidated financial statements and during the
reporting periods, and to disclose contingent assets and liabilities at the date of the consolidated financial
statements. Actual results could differ from those estimates. The most significant estimates relate to the fair
value of securities underlying stock-based compensation expense and other equity awards.
Significant risks and uncertainties
The Company’s operations are subject to a number of factors that may affect its operating results and
financial condition. Such factors include, but are not limited to: the clinical and regulatory development of
its products, the Company’s ability to preserve its cash resources, the Company’s ability to add product
candidates to its pipeline, the Company’s intellectual property, competition from products manufactured
and sold or being developed by other companies, the price of, and demand for, Company products if
approved for sale, the Company’s ability to negotiate favorable licensing or other manufacturing and
marketing agreements for its products, and the Company’s ability to raise capital.
The Company currently has no commercially approved products. As such, there can be no assurance that
the Company’s future research and development programs will be successfully commercialized.
Developing and commercializing a product requires significant time and capital and is subject to regulatory $29,000,000 WASNT ENOUGH?
review and approval as well as competition from other biotechnology and pharmaceutical companies. The
Company operates in an environment of rapid change and is dependent upon the continued services of its
employees and consultants and obtaining and protecting its intellectual property.
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