Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Substantial Doubt about Going Concern [Text Block]


The Company's primary efforts are principally devoted to improving the quality of cardiac recordings obtained during ablation of atrial fibrillation (AF) and ventricular tachycardia (VT). The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future. Further, the Company has not generated revenues and there is no assurance that the Company will be able to generate cash flow to fund operations. In addition, there can be no assurance that the Company's ongoing research and development will be successfully completed or that any product will be approved or commercially viable.

At December 31, 2019, the Company had working capital of approximately $10.8 million. During the year ended December 31, 2019, the Company raised approximately $10 million, net of expenses, through the sale of common stock, net $5 million from sale of subsidiary stock and $8.4 million from the exercise of warrants and options.

On February 21, 2020, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Laidlaw & Company (UK) Ltd. (the “Underwriter”), relating to an underwritten public offering of 2,500,000 shares (the “Shares”) of the Company’s common stock, $0.001 par value per share. All of the Shares were sold by the Company. The public offering price of the Shares was $4.00 per share, and the Underwriter purchased the Shares from the Company pursuant to the Underwriting Agreement at a price of $3.68 per share. At closing on February 25, 2020, the Company received net proceeds of approximately $9,100,000, after deducting the underwriting discount and other offering expenses of approximately $100,000.

In addition, subsequent to December 31, 2019, the Company has received approximately $133,241 from the exercise of previously issued warrants.

At December 31, 2019, the Company had cash of approximately $12.1 million, which together with approximately $9.2 million of net proceeds from the sales of common stock and warrant exercises subsequent to December 31, 2019 (see above and Note 15), constitutes sufficient funds for the Company to meet its research and development and other funding requirements for at least the next 12 months.