On July 31, 2017, we met the criteria to apply the CE Mark for the MyoPro. This has enabled us to sell the MyoPro to individuals in the European Union (the "EU").

On October 24, 2017, we obtained a Medical Device License in Canada, which enabled us to sell the MyoPro in Canada.

On December 4, 2017, we completed a follow-on public offering, generating net proceeds of $10.4 million.

In February 2019, we completed a follow-on public offering, generating net proceeds of $5.6 million.

In October 2019, we entered into a Note Purchase Agreement, Senior Note and Security Agreement (collectively, the "Term Loan") with Chicago Venture Partners, or CVP, which generated gross proceeds of $3.0 million.

In January 2020, we effected a 1 for 30 reverse stock split.

In February 2020, we completed a follow-on public offering, generating net proceeds of approximately $13.5 million.

In May 2020, we entered into an amendment with CVP to amend our Term Loan into a convertible note. 544,526 shares were issued to CVP to redeem the remaining outstanding balance under the note during the year ended December 31, 2020.

In July 2021, we became accredited as a Medicare provider.

The following table sets forth our revenue, cost of revenue, gross profit and gross margin for each of the periods presented.

We derive revenue primarily from providing devices directly to patients and billing insurance companies directly. We also sell our products to O&P providers, to the VA, to rehabilitation hospitals, and through distributors. Though we increasingly provide devices directly to patients, we sometimes utilize the clinical services of O&P providers for which they are paid a fee.

Cost of revenue consists of costs for the manufacturing and fabrication and delivery of our products, fixed costs, such for our quality and fulfillment organizations, changes in inventory reserves, warranty costs and royalties associated with licensed technologies.

R&D expenses increased by approximately $32,800 and $166,300, or 5% and 15% during the three and six months ended June 30, 2022, respectively, as compared to the same periods in 2021. The increases were driven primarily by higher payroll and stock-based compensation costs.

We define Adjusted EBITDA as earnings before interest and other income (expense), taxes, depreciation and amortization adjusted for, stock- based compensation and other unusual items.

Adjusted EBITDA does not reflect the amounts we paid in taxes or other components of our tax provision;

Adjusted EBITDA does not include interest expense;

Adjusted EBITDA does not include other income (expense);

Adjusted EBITDA does not include depreciation expense from fixed assets;

Adjusted EBITDA does not include the impact of stock-based compensation;

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures including net income (loss) and our financial results presented in accordance with U.S. GAAP.

The following table provides a reconciliation of net loss to Adjusted EBITDA for each of the periods indicated:

We measure our liquidity in a number of ways, including the following:

Cash and cash equivalents $ 10,235,914 $ 15,524,378 Working capital

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