Liquidity and Going Concern

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Liquidity and Going Concern

Liquidity and Going Concern

As of December 31, 2021, we had $9,000,000 of cash, consisting of $8,939,000 in available cash and $61,000 in restricted cash, and $10,258,000 of working capital. For the years ended December 31, 2021 and 2020, we incurred net losses of $9,051,000 and $7,421,000, respectively, and net cash used in operating activities was $7,732,000 and $6,566,000, respectively.

Future Capital Requirements and Going Concern

Our capital requirements in the future will continue to depend on numerous factors, including the timing and amount of revenue for the Company, customer renewal rates and the timing of collection of outstanding accounts receivable, in each case particularly as it relates to the Company’s major customers, the expense to deliver services, expense for sales and marketing, expense for research and development, capital expenditures. We expect to continue to invest in product development and sales and marketing expenses with the goal of growing the Company’s revenue in the future. The Company believes that, based on the its current projection of revenue, expenses, capital expenditures, and cash flows, it will not have sufficient resources to fund its operations for the next twelve months following the filing of this Report. We believe additional capital will be required to fund operations and provide growth capital including investments in technology, product development and sales and marketing. To access capital to fund operations or provide growth capital, we will need to raise capital in one or more debt and/or equity offerings. There can be no assurance that we will be successful in raising necessary capital or that any such offering will be on terms acceptable to the Company. If we are unable to raise additional capital that may be needed on terms acceptable to us, it could have a material adverse effect on the Company. The factors discussed above raise substantial doubt as to our ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from these uncertainties.