During the three months ended March 31, 2019 and 2018, the Company recorded revenue of $66,500 and $25,000, respectively. During the three months ended March 31, 2019 and 2018, the Company recorded net losses of $11,019,468 and $13,443,457, respectively. Net cash used in operating activities was $7,369,177 and $7,727,711 for the three months ended March 31, 2019 and 2018, respectively. The Company is currently meeting its liquidity requirements through the proceeds of securities offerings that raised net proceeds of $23,319,156 in March 2019 and $38,846,815 in January 2018, along with payments received under product development projects.
As of March 31, 2019, the Company had cash on hand of $36,129,119. The Company expects that cash on hand as of March 31, 2019, together with anticipated revenues, will be sufficient to fund the Company’s operations into the second quarter of 2020.
Research and development of new technologies is by its nature unpredictable. Although the Company intends to continue its research and development activities, there can be no assurance that its available resources and business operations will generate revenues sufficient to sustain operations. Accordingly, the Company may pursue additional financing, which could include offerings of equity or debt securities, bank financings, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions. There is no assurance that such financing would be available on terms that it would find acceptable, or at all.
The market for products using the Company’s technology is broad, but is nascent and unproven, so the Company’s success is dependent upon many factors, including customer acceptance of our existing products, technical feasibility of future products, regulatory approval, competition and global market fluctuations.