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New words:
Berrier, book, card, credit, decision, employer, excluding, feasibility, government, incremental, instance, intermediary, meantime, monitor, Notable, payroll, refund, relief, renegotiate, residence, Sean, short, temporary, unreimbursed
Removed:
expecting, occur, par
Financial report summary
?Management Discussion
- Revenues - The Company commenced limited sales of its inhaler products to customers, while still in a product development mode, on a trial basis in January 2020. However, due to the subsequent impact of the COVID 19 pandemic, as well as other contributing factors, the Company suspended such sales around December 31, 2021. Accordingly, the Company reported no product sales in the year ended December 31, 2022 and only an insignificant amount of product sales in the year ended December 31, 2021.
- General and Administrative Expense - General and administrative expenses for the year ended December 31, 2022 were $1,239,361, compared to $2,141,632 in the year ended December 31, 2021. This decrease was due to a lower level of corporate expenses incurred in seeking an uplisting of the Company’s common stock on a national securities exchange as well as in various regulatory and other related expenses incurred in pursuing a new drug application with the FDA and for certain other clinical-oriented initiatives.
- Amortization Expense - Amortization expense for the year ended December 31, 2022 was zero compared to $12,500 in the year ended December 31, 2021. The amortization expense recorded in the year ended December 31, 2021 related to the Sublicense Agreement, which was terminated effective February 9, 2021, under which the Company had been obligated to reimburse TMDI in the amount of $200,000 for a license fee owed by TMDI to EM3, covering the first two years of the Sublicense Agreement, as discussed in greater detail above.