Financial Performance - Total revenue for the year ended December 31, 2022 was 394,004,adecreaseof44,137, or 10%, compared to 438,141in2021[369]−Costofsalesfor2022was158,313, an increase of 22,370,or16135,943 in 2021[371] - Gross profit for 2022 was 235,691,adecreaseof66,507, or 22%, compared to 302,198in2021[372]−Totalcomprehensivelossfor2022was5,779,841, an increase of 914,465,or194,865,376 in 2021[377] Expenses - Research and development expenses for 2022 were 770,826,anincreaseof232,142, or 43%, compared to 538,684in2021[373]−Sellingandmarketingexpensesfor2022were567,598, an increase of 367,299,or183200,299 in 2021[374] - General and administrative expenses for 2022 were 4,716,909,anincreaseof450,055, or 11%, compared to 4,266,854in2021[375]CashFlow−Netcashusedinoperatingactivitiesfor2022was5,097,126, an increase of 983,819comparedto4,113,307 in 2021[386] - Cash balance as of December 31, 2022 was 5,700,709,adecreasefrom6,750,938 as of December 31, 2021[385] - Net cash provided by financing activities for 2022 was 4,094,940,adecreasefrom10,725,016 in 2021[388] Financing Activities - The company entered into a Securities Purchase Agreement on June 24, 2020, issuing 67,369 units at a price of 7.63perunit,consistingofoneshareofCommonStockandonewarrantwithanexercisepriceof8.40[390] - On September 23, 2020, the company issued 13,107 units at a price of 7.63perunittoMedigus,withanadditionalinvestmentofupto25,000 contingent on a proof of concept procedure[392] - The company raised 125,000throughconvertiblepromissorynotesinSeptember2020,witha5100,000, also bearing a 5% interest rate and following a similar repayment structure as the September 2020 Notes[395] - The January 2021 Notes raised 274,000withthesametermsaspreviousconvertiblenotes,includinga55,700,709, expected to fund operations until at least December 2024[399] - Future capital requirements will depend on the progress and costs of research and development, manufacturing costs, and regulatory approval timelines[400]
