Bakema clearly still in charge . . .either that or they are too stupid to learn from earlier mistakes. They appear to have adopted the Kamikaze approach of throwing millions of our money into developing the CSS for other uses BEFORE realising any income from the device as is . . . beggars belief!!!
We have never been profitable and have incurred net losses in each year since our inception. We incurred net losses of $5,137,135 and $7,441,928 for the year ended December 31, 2019, and 2018, respectively. As of December 31, 2019, our accumulated deficit was $30,577,296. We expect to continue to incur substantial net losses and negative cash flows from operations until we commercialize our CSS Device. We intend to make a significant investment in building our U.S. commercial infrastructure and in recruiting and training our sales representatives. We also intend to continue to make significant investments in research and development to expand our CSS Device for other diagnostic applications. As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until such time as we can generate sufficient revenue to cover our operating expenses and growth strategy, if ever, we expect to finance our operations through the sale of equity, debt financings or other capital sources. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on favorable terms, or at all. If we fail to raise capital or enter into such agreements as, and when needed, we may have to significantly delay, scale back or discontinue the development and commercialization of CSS device. We face a variety of challenges and risks, which we will need to address and manage as we pursue our strategy, including our ability to develop and retain an effective sales force and achieve market acceptance of CSS device by the medical community. Because of the numerous risks and uncertainties associated with our commercialization ef