Atomera(US:ATOM)2023-04-25 16:00Revenue Performance - Revenue for the three months ended March 31, 2023, was $0, compared to $375,000 for the same period in 2022, indicating a significant decline in revenue generation [82]. Operating Expenses - Operating expenses for the three months ended March 31, 2023, totaled approximately $5.2 million, an increase of approximately $900,000, or 21% from $4.3 million in the same period of 2022 [83]. - Research and development expenses increased by approximately $697,000, or 30%, to approximately $3.0 million for the three months ended March 31, 2023, compared to $2.3 million in 2022 [84]. - General and administrative expenses rose to approximately $1.7 million for the three months ended March 31, 2023, reflecting an increase of approximately $94,000, or 6% from $1.6 million in 2022 [85]. - Selling and marketing expenses increased by approximately $64,000, or 20%, to approximately $389,000 for the three months ended March 31, 2023, compared to $325,000 in 2022 [87]. Financial Position - As of March 31, 2023, the company had cash and cash equivalents of approximately $12.1 million and short-term investments of approximately $5.0 million [91]. - The company generated approximately $274,000 in net proceeds from the sale of approximately 50,000 shares at an average price of $6.40 during the three months ended March 31, 2023 [93]. - The company anticipates that its available working capital is sufficient to fund its forecasted working capital requirements for at least the next 12 months [94]. Losses and Accounting - The company has incurred recurring operating losses since inception, with a net loss of approximately $5.0 million for the three months ended March 31, 2023 [91]. - No changes to critical accounting estimates from the Annual Report on Form 10-K for the year ended December 31, 2022 [95]. - Management concluded that disclosure controls and procedures were effective as of March 31, 2023 [95]. - No changes to internal controls over financial reporting during the three-month period ended March 31, 2023 [96]. Interest Income - Interest income for the three months ended March 31, 2023, was approximately $199,000, a significant increase from $3,000 in the same period of 2022 [88].