SEQLL(SQL) - 2023 Q1 - Quarterly Report

Financial Performance - The company incurred a net loss of $1,718,366 for the three-month period ended March 31, 2023, an increase of 83% compared to a net loss of $937,954 for the same period in 2022 [100]. - Total revenue for the three-month period ended March 31, 2023, was $0, representing a 100% decrease from $47,482 in the same period of 2022 [93]. - The accumulated deficit as of March 31, 2023, was $20,227,050 [103]. Expenses - Research and development expenses increased by $442,050, or 132%, from $334,670 in Q1 2022 to $776,720 in Q1 2023 [96]. - General and administrative expenses rose by $396,235, or 68%, from $584,872 in Q1 2022 to $981,107 in Q1 2023 [97]. Cash Flow - The company had negative cash flow from operating activities of $1,122,036 for the three-month period ended March 31, 2023, compared to $1,030,424 for the same period in 2022 [108]. - Cash and cash equivalents increased by $2.9 million to approximately $5.0 million as of March 31, 2023, due to the maturity of marketable debt securities and a common stock issuance [102]. - The company anticipates continued negative cash flows from operating activities due to ongoing research and development efforts [109]. Stock Issuance - The company issued 2,000,000 shares of common stock at $0.90 per share in February 2023, generating gross proceeds of $1.8 million [103]. Future Plans - The company plans to budget approximately $1.5 million in 2023 for the development of its tSMS platform across multiple market segments [111]. Accounting Policies - The Company adopted Accounting Standards Update No. 2016-13 on January 1, 2023, which had no material impact on its condensed consolidated financial statements [113]. - There have been no significant changes to the Company's critical accounting policies and estimates during the three-month period ended March 31, 2023, compared to the 2022 Annual Report [116]. - The Company has elected to take advantage of the exemptions provided under the JOBS Act, delaying the adoption of new or revised accounting standards [117]. Investor Confidence - As an emerging growth company, the Company may not provide certain financial information and executive compensation details, potentially affecting investor confidence [119].