http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=3619717
Loss from operations (6,027,827 ) (2,080,085 )
Net loss (5,988,822 ) (3,402,720 )
Net loss per share to common stockholders (basic and diluted) $ (0.27 ) $ (0.23 )
If the Company is not able to raise additional funds, it may be required to significantly curtail its operations which would have an adverse effect on its financial position, results of operations and cash flow.
During the three months ended March 31, 2005, the Company issued 700,096 shares of common stock upon exercise of employee stock options.During the three months ended June 30, 2005, 148,153 shares of common stock were issued upon exercise of employee stock options. During June 2005, the Company received gross proceeds of $10,000,000 through the private placement of 4,149,376 shares of its common stock to a group of investors. In connection with this private placement, the Company issued to the investors four-year warrants to purchase 1,825,725 shares of common stock at $3.11 per share.On April 5, 2004, the Company received gross proceeds of approximately $4,900,000 through the private placement of 909,090 shares of its common stock to accredited institutional investors. ....Since inception, the Company has financed its operations through registered public offerings, the private placements of capital stock, a convertible debenture, a convertible promissory note and warrant and option exercises. At June 30, 2005, we had $15,641,739 of cash,
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