RESULTS OF OPERATIONS FOR THE YEARS ENDED
Results of Operations
Summary of Results of Operations
Year ended December 31 2021 2020 Revenues$ 140,177 $ 98,159
Operating Expenses Research and development expenses (497,121 ) (489,210 ) General and administrative expenses (682,859 ) (523,663 ) Share base compensation expenses (3,485,830 )
- Operating loss (4,525,633 ) (914,714 ) Financing income (expenses), net (71,180 ) 41,921 Net loss (4,596,813 ) (872,793 ) Revenues
Revenues for the years ended
Research and Development Expenses. Research and development expenses consist of
salaries and related expenses, consulting fees, service providers' costs and
overhead expenses. Research and development expenses increased from
General and Administrative Expenses. General and administrative expenses consist
primarily of salaries and related expenses and other non-personnel related
expenses such as legal expenses. General and administrative expenses increased
from
Financing Expenses, Net. Financing expenses, net increased from financing income
of
Net Loss. Net loss for the year ended
Financial Condition, Liquidity and Capital Resources
Liquidity is the ability of an enterprise to generate adequate amounts of cash
to meet its needs for cash requirements. At
At
At
24
We need to raise additional operating capital in order to realize our business
plan, including the expansion into the MVNO business. Management believes that
funds on hand, as well as the subscription proceeds that we are to receive
through our fiscal year 2022 on a periodic basis under the committed
subscription agreements with certain of our investors, will enable us to fund
our operations and capital expenditure requirements through
We may seek to raise any necessary additional capital through a combination of private or public equity offerings, debt financings, collaborations, strategic alliances, licensing arrangements and other marketing and distribution arrangements. To the extent that we raise additional capital through marketing and distribution arrangements or other collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights, future revenue streams, or product candidates or to grant licenses on terms that may not be favorable to us. If we raise additional capital through private or public equity offerings, the ownership interest of our existing stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect our stockholders' rights. If we raise additional capital through debt financing, we may be subject to covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends.
Going Concern
The accompanying consolidated financial statements have been prepared assuming
that we will continue as a going concern. We have a stockholders' deficit of
Critical Accounting Policies
The consolidated financial statements have been prepared in conformity with
accounting principles generally accepted in
Off-Balance Sheet Arrangements We have not entered into any off-balance sheet arrangements during 2021 and do not anticipate entering into any off-balance sheet arrangements during the next 12 months.
© Edgar Online, source