SRSL » Topics » Liquidity and Capital Resources

This excerpt taken from the SRSL 10-Q filed May 8, 2009.

Liquidity and Capital Resources

 

Our principal source of liquidity to fund ongoing operations at March 31, 2009 consisted of cash, cash equivalents and short-term investments of $39,057,884.  At March 31, 2009, we had cash and cash equivalents of $27,552,884 and short-term investments of $11,505,000.  Cash and cash equivalents generally consist of cash, money market funds and other money market instruments with original maturities of three months or less. The money market funds are primarily invested in US government obligations.  The cash and certificates of deposit are FDIC insured.  Short-term investments consist of certificates of deposit with original maturities ranging from 6 to 12 months.

 

Net cash used in operating activities was $141,206 during the three months ended March 31, 2009, and net cash provided by operating activities was $2,897,301 during the same period in the prior year.  The decrease in our cash flows from operating activities was primarily the result of changes in our operating assets and liabilities specifically, a decrease in our deferred revenue of $258,273 during the three months ended March 31, 2009 compared to an increase of $1,155,214 during the three months ended March 31, 2008.  The decrease in deferred revenue during the three months ended March 31, 2009 was due to the Company recognizing revenue from customers who prepaid us royalties.  During the three months ended March 31, 2008, the Company received the final lump sum payment under the multi-year license agreement with LG Electronics, which caused deferred revenue to increase.  Additionally, accounts receivable increased $325,371 during the three months ended March 31, 2009 as compared to decreasing $753,940 during the three months ended March 31, 2008.  The increase in accounts receivable as of March 31, 2009 was due to increased revenues recorded in the current quarter.  Furthermore, cash flow from operating activities decreased due to a decrease in net income of $472,550 from $858,352 during the three months ended March 31, 2008 to $385,802 during the three months ended March 31, 2009.

 

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Net cash used in investing activities was $3,904,997 during the three months ended March 31, 2009 and net cash provided by investing activities was $5,199,846 during the same period in the prior year.  Net cash used by investing activities during the three months ended March 31, 2009 was attributable primarily to the purchase of short-term investments.

 

We believe our existing cash, cash equivalents and short-term investment balances together with cash generated from operating activities, will be sufficient to meet our anticipated cash needs for at least the next twelve months.  Our future capital requirements will depend on many factors, including our level of revenues, the timing and extent of spending to support product development efforts, the impact of existing adverse economic conditions, the expansion of sales and marketing activities, the timing of introductions of new products and the continuing market acceptance of our products.

 

Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition, results of operations and trading price of our common stock. Please refer to Item 1A, “Risk Factors” herein for information concerning these and other uncertainties that could negatively impact us.

 

These excerpts taken from the SRSL 10-K filed Feb 24, 2009.

Liquidity and Capital Resources

 

At December 31, 2008, cash and cash equivalents, short-term investments and investments available for sale were $39,435,087 compared to $45,067,166 as of December 31, 2007, a decrease of $5,632,079. Our cash and cash equivalents were $31,599,087 as of December 31, 2008, a decrease of $8,016,204 from cash and cash equivalents of $39,615,291 held at December 31, 2007. The decrease in cash and cash equivalents was primarily a result of the purchase of treasury stock and short-term investments, partially offset against the proceeds received from the sale of the investments available for sale and positive cash flow generated by operating activities.  Cash and cash equivalents generally consist of cash, certificates of deposits, money market funds and other money market instruments with original maturities of three months or less. The money market funds are primarily invested in US government obligations.  The cash and certificates of deposit are FDIC insured. We held $7,836,000 in short-term investments at December 31, 2008.  Short-term investments consist of certificates of deposit with original maturities ranging from 6 to 12 months.  In fiscal 2008, 2007 and 2006, operations were funded primarily from cash from operating activities.

 

Net cash provided by operating activities was $2,629,133 and $6,558,565 for 2008 and 2007, respectively. The $3,929,432 decrease in net cash provided by operating activities in fiscal 2008, compared to fiscal 2007, was primarily a result of a decrease in net income, from $5,414,435 during the year ended December 31, 2007 to $270,887 for the year ended December 31, 2008.  Offsetting the decrease in net income, accounts receivable decreased by $794,524 during the year ended December 31, 2008 compared to an increase of $65,867 during the same period in the prior year, due to increased collection efforts in 2008.  Additionally, accrued liabilities increased $306,960 during the year ended December 31, 2008 as compared to decreasing $605,928 in the same period in the prior year.  The increase in accrued liabilities in 2008 primarily relates to the timing of payments to vendors and an increase in accrued commissions, due to hiring additional sales representatives in 2008.

 

Net cash used in investing activities was $3,310,826 and $850,927 in 2008 and 2007, respectively. The $2,459,899 increase in cash used in investing activities in 2008, compared to 2007, was primarily due to the purchase of $7,836,000 in short-term investments offset by the sale of investments available for sale of $5,500,000.

 

Net cash used in financing activities was $7,334,511 and $1,103,772 during 2008 and 2007, respectively. The $6,230,739 increase in cash used in financing activities in 2008, compared to 2007, was primarily due to an increase in treasury stock repurchased offset by a decrease in stock option exercises.  We expect to continue to use a portion of our cash to conduct market repurchases under the stock repurchase program approved by our Board of Directors on November 3, 2008.  Under the stock repurchase program, we are seeking to acquire up to $15.0 million of the Company’s outstanding stock.  To date, we have repurchased 1.5 million shares of our common stock at an aggregate purchase price of $7.5 million under the program.  The repurchase program commenced on November 7, 2008 and will remain open for a period of up to six months.

 

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We believe our existing cash, cash equivalents and short-term investment balances together with cash generated from operating activities will be sufficient to meet our anticipated cash needs for at least the next twelve months. Our future capital requirements will depend on many factors, including our level of revenues, the timing and extent of spending to support product development efforts, the expansion of sales and marketing activities, the timing of introductions of new products and the continuing market acceptance of our products.

 

Liquidity and Capital Resources



 



At December 31, 2008, cash and cash equivalents, short-term
investments and investments available for sale were $39,435,087 compared to
$45,067,166 as of December 31, 2007, a decrease of $5,632,079. Our cash
and cash equivalents were $31,599,087 as of December 31, 2008, a decrease
of $8,016,204 from cash and cash equivalents of $39,615,291 held at December 31,
2007. The decrease in cash and cash equivalents was primarily a result of the
purchase of treasury stock and short-term investments, partially offset against
the proceeds received from the sale of the investments available for sale and
positive cash flow generated by operating activities.  Cash and cash equivalents generally consist
of cash, certificates of deposits, money market funds and other money market instruments
with original maturities of three months or less. The money market funds are
primarily invested in US government obligations.  The cash and certificates of deposit are FDIC
insured. We held $7,836,000 in short-term investments at December 31,
2008.  Short-term investments consist of
certificates of deposit with original maturities ranging from 6 to 12
months.  In fiscal 2008, 2007 and 2006,
operations were funded primarily from cash from operating activities.



 



Net cash provided by operating activities was
$2,629,133 and $6,558,565 for 2008 and 2007, respectively. The $3,929,432
decrease in net cash provided by operating activities in fiscal 2008, compared
to fiscal 2007, was primarily a result of a decrease in net income, from
$5,414,435 during the year ended December 31, 2007 to $270,887 for the
year ended December 31, 2008. 
Offsetting the decrease in net income, accounts receivable decreased by
$794,524 during the year ended December 31, 2008 compared to an increase
of $65,867 during the same period in the prior year, due to increased
collection efforts in 2008. 
Additionally, accrued liabilities increased $306,960 during the year
ended December 31, 2008 as compared to decreasing $605,928 in the same
period in the prior year.  The increase
in accrued liabilities in 2008 primarily relates to the timing of payments to
vendors and an increase in accrued commissions, due to hiring additional sales
representatives in 2008.



 



Net cash used in investing activities was $3,310,826 and $850,927 in
2008 and 2007, respectively. The $2,459,899 increase in cash used in investing
activities in 2008, compared to 2007, was primarily due to the purchase of
$7,836,000 in short-term investments offset by the sale of investments
available for sale of $5,500,000.



 



Net cash used in financing activities was $7,334,511 and $1,103,772
during 2008 and 2007, respectively. The $6,230,739 increase in cash used in
financing activities in 2008, compared to 2007, was primarily due to an
increase in treasury stock repurchased offset by a decrease in stock option
exercises.  We expect to continue to use
a portion of our cash to conduct market repurchases under the stock repurchase
program approved by our Board of Directors on November 3, 2008.  Under the stock repurchase program, we are
seeking to acquire up to $15.0 million of the Company’s outstanding stock.  To date, we have repurchased 1.5 million
shares of our common stock at an aggregate purchase price of $7.5 million under
the program.  The repurchase program
commenced on November 7, 2008 and will remain open for a period of up to
six months.



 



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We believe our existing cash, cash equivalents and short-term
investment balances together with cash generated from operating activities will
be sufficient to meet our anticipated cash needs for at least the next twelve
months. Our future capital requirements will depend on many factors, including
our level of revenues, the timing and extent of spending to support product
development efforts, the expansion of sales and marketing activities, the
timing of introductions of new products and the continuing market acceptance of
our products.



 



This excerpt taken from the SRSL 10-Q filed Nov 5, 2008.

Liquidity and Capital Resources

 

Our principal source of liquidity to fund ongoing operations at September 30, 2008 consisted of cash, cash equivalents and short-term investments of $46,717,491.  At September 30, 2008, we had cash and cash equivalents of $41,733,491 and short-term investments of $4,984,000. Cash and cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and are so near maturity that they present insignificant risk of changes in value because of interest rates.  Cash and cash equivalents generally consist of cash, money market funds and instruments with original maturities of three months or less. The money market funds are primarily invested in U.S. government obligations. Short-term investments consist of certificates of deposit with original maturities of six months.

 

Net cash provided by operating activities was $2,333,848 and $3,922,769 during the nine months ended September 30, 2008 and September 30, 2007, respectively.  The $1,588,921 decrease in net cash provided by operating activities for the nine months ended September 30, 2008, compared to the same period in the prior year, was primarily a

 

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result of a decrease in net income from $4,374,891 during the nine months ended September 30, 2007 to $133,565 for the nine months ended September 30, 2008.  Offsetting the decrease in net income, accounts receivable decreased by $561,452 during the nine months ended September 30, 2008 compared to an increase of $846,007 during the same period in the prior year, due to lower revenues and increased cash collections.  Additionally, accounts payable and accrued liabilities increased $17,849 and $270,440, respectively, during the nine months ended September 30, 2008 as compared to decreasing $249,444 and $489,159, respectively, in the same period in the prior year.  The changes in liability accounts generally related to the timing of payments to vendors and changes in accrued commissions and amounts due to employees under our Profit Sharing and Bonus Plan.  Additionally, deferred revenue increased $646,163 for the nine months ended September 30, 2008 compared to $57,441 during the nine months ended September 30, 2007.   The increase in deferred revenue during the nine months ended September 30, 2008 was primarily due to the Company entering into a multi-year license agreement with LG Electronics in October 2007 for the use of our existing technology for television and monitors through December 2010.  We received the final lump sum payment under this agreement in the nine months ended September 30, 2008.

 

Our net cash used in investing activities was $163,267 and $701,606 during the nine months ended September 30, 2008 and 2007, respectively.  The net cash used in investing activities was attributable primarily to the Company’s purchase of short-term investments during the nine months ended September 30, 2008 totaling $4,984,000.  Offsetting this decrease, the Company received $5,500,000 from the sale of investments during the nine months ended September 30, 2008.

 

Our net cash used in financing activities was $52,381 during the nine months ended September 30, 2008, and net cash provided by financing activities was $1,842,964 during the nine months ended September 30, 2007. The decrease in net cash provided by financing activities was primarily attributable to a decrease in stock option exercises during the current period. The Company expects to continue to use a portion of its cash to conduct market repurchases under the stock repurchase program approved by the Board of Directors on November 3, 2008.  Under the new stock repurchase program, the Company is seeking to acquire up to $15.0 million of the Company’s outstanding common stock.  This repurchase program will not be conducted using a Dutch auction and will commence on November 7, 2008 and will remain open for a period of up to six months.

 

Based on current plans and business conditions, we expect that our cash, cash equivalents and investments together with any amounts generated from operations will be sufficient to meet our cash requirements for the next twelve months. However, we cannot guarantee that we will not be required to seek other financing sooner or that such financing, if required, will be available on terms satisfactory to us.

 

Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition, results of operations and trading price of our common stock. Please refer to Item 1A, “Risk Factors” in this report for information concerning these and other uncertainties that could negatively impact us.

 

This excerpt taken from the SRSL 10-Q filed Aug 7, 2008.

Liquidity and Capital Resources

 

Our principal source of liquidity to fund ongoing operations at June 30, 2008 consisted of cash, cash equivalents and short-term investments of $47,316,790.  At June 30, 2008, we had cash and cash equivalents of $42,332,790 and short-term investments of $4,984,000. Cash and cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and are so near maturity that they present insignificant risk of changes in value because of interest rates.  Cash and cash equivalents generally consist of cash, money market funds and instruments with original maturities of three months or less. Short term investments consist of certificates of deposit with original maturities of six months.

 

Net cash provided by operating activities was $2,735,626 and $2,304,119 during the six months ended June 30, 2008 and June 30, 2007, respectively. The $431,507 increase in net cash provided by operating activities for the six months ended June 30, 2008, compared to the same period in the prior year, was primarily a result of an increase of $855,640 in deferred revenue for the six months ended June 30, 2008 compared to a decrease of $292,713 during the six months ended June 30, 2008.   The increase in deferred revenue during the six months ended June 30, 2008 was primarily due to the Company entering into a multi-year license agreement with LG Electronics in October 2007 for the use of our existing technology for television and monitors through December 2010.  We received the final lump sum payment under this agreement in the six months ended June 30, 2008.  Additionally, accounts receivable decreased by $711,147 during the six months ended June 30, 2008 compared to an increase of $458,418 in the same period in the prior year, due to timing of billing and cash receipts.  Additionally, accounts payable and accrued liabilities increased $62,763 and $105,471, respectively, during the six months ended June 30, 2008 as compared to decreasing $238,286 and $359,134, respectively, in the same period in the prior year.  The changes in liability accounts generally relate to the timing of payments to vendors and changes in accrued commissions and amounts due to employees under our Profit Sharing and Bonus Plan.  Offsetting the increases in working capital, net income for the six months ended June 30, 2008 decreased $2,251,235 from the same period in the prior year.

 

Our net cash provided by investing activities was $61,137 during the six months ended June 30, 2008, and net cash used by investing activities was $514,674 during the six months ended June 30, 2007. The increase in net cash provided by investing activities was attributable primarily to the receipt of $5,500,000 from the sale of investments during the six months ended June 30, 2008.  Offsetting this increase, the Company purchased short-term investments during the six months ended June 30, 2008 totaling $4,984,000.

 

Our net cash used in financing activities was $79,264 during the six months ended June 30, 2008, and net cash provided by financing activities was $1,815,555 during the six months ended June 30, 2007. The decrease in net cash provided by financing activities was primarily attributable to a decrease in stock option exercises.  The Company expects to continue to use a portion of its cash to purchase treasury stock under the stock repurchase program announced in May 2008.

 

Based on current plans and business conditions, we expect that our cash, cash equivalents and investments together with any amounts generated from operations will be sufficient to meet our cash requirements for the next twelve months. However, we cannot guarantee that we will not be required to seek other financing sooner or that such financing, if required, will be available on terms satisfactory to us.

 

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Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition, results of operations and trading price of our common stock. Please refer to Item 1A, “Risk Factors” in our annual report on Form 10-K for fiscal year 2007 for information concerning these and other uncertainties that could negatively impact us.

 

This excerpt taken from the SRSL 10-Q filed May 8, 2008.

Liquidity and Capital Resources

 

Our principal source of liquidity to fund ongoing operations at March 31, 2008 consisted of cash and cash equivalents of $47,687,989. Cash and cash equivalents generally consist of cash, money market funds and other money market instruments with original maturities of three months or less.

 

Net cash provided by operating activities was $2,897,301 and $1,185,705 during the three months ended March 31, 2008 and March 31, 2007, respectively.  The increase in our operating cash flows is primarily the result of an increase in our deferred revenue of $1,155,214 during the three months ended March 31, 2008 compared to a decrease of $154,565 during the three months ended March 31, 2007.  The increase in deferred revenue during the three months ended March 31, 2008 was primarily due to the Company entering into a multi-year license agreement with LG Electronics in October 2007 for the use of our existing technology for television and monitors through December 2010.  We received the final lump sum payment under this agreement in the three months ended March 31, 2008.  Additionally, accounts receivable decreased $753,940 compared to $246,072 during the three months ended March 31, 2008 and 2007, respectively, due to timing of billing and cash receipts.  Accounts payable and accrued liabilities in total increased $31,853 and decreased $820,430 during the three months ended March 31, 2008 and 2007, respectively.  The changes in liability accounts generally relate to the timing of payments to vendors and changes in accrued commissions and amounts due to employees under our Profit Sharing and Bonus Plan.

 

Net cash provided by investing activities was $5,199,846 during the three months ended March 31, 2008, and net cash used in investing activities during the same period in the prior year was $188,131.  The increase in net cash used by investing activities was attributable primarily to the proceeds received from the sale of available-for-sale securities.

 

Our net cash used in financing activities was $24,449 during the three months ended March 31, 2008, and net cash provided by financing activities during the same period in the prior year was $1,104,601. The decrease in net cash provided by financing activities was mainly attributable to the absence of any stock option exercises during the three months ended March 31, 2008.

 

We expect expenditures related to patents and intangible assets to increase in the future consistent with the growth in our licensing business, as we continue to invest in the development of new technologies.

 

Based on current plans and business conditions, we expect that our cash and cash equivalents together with any amounts generated from operations will be sufficient to meet our cash requirements for the next twelve months. However, we cannot guarantee that we will not be required to seek other financing sooner or that such financing, if required, will be available on terms satisfactory to us.

 

Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition, results of operations and trading price of our common stock. Please refer to Item 1A, “Risk Factors” in our annual report on Form 10-K for fiscal year 2007 for information concerning these and other uncertainties that could negatively impact us.

 

These excerpts taken from the SRSL 10-K filed Mar 13, 2008.

Liquidity and Capital Resources

        At December 31, 2007, cash and cash equivalents and investments available for sale were $45,067,166 compared to $40,238,130 as of December 31, 2006, an increase of $4,829,036. Our cash and cash equivalents were $39,615,291 as of December 31, 2007, an increase of $4,603,866 from cash and cash equivalents of $35,011,425 held at December 31, 2006. The increase was primarily a result of positive cash flow generated by operating activities and the exercise of employee stock options, partially offset by the purchase of treasury stock. Cash and cash equivalents generally consist of cash, money market funds and other money market instruments with original maturities of three months or less. We held $5,451,875 in investments available for sale at December 31, 2007, as compared to $5,226,705 at December 31, 2006, an increase of $225,170, due to the change in the market value of the instrument. Investments consist of U.S. government securities rated AAA. In fiscal 2007, 2006 and 2005, operations were funded primarily from cash from operating activities.

        Net cash provided by operating activities was $6,558,565 and $4,950,707 for fiscal 2007 and 2006, respectively. The $1,607,858 increase in net cash provided by operating activities in fiscal year 2007, compared to fiscal year 2006, was primarily a result of the Company not spending any cash in the current year related to discontinued operations, as the Company sold its discontinued operations in 2006. Additionally, the 2007 deferred revenue increased $757,271 primarily due to the Company entering into a multi-year license agreement with LG Electronics for the use of our existing technology for television and monitors through December 2010. We received an initial lump sum payment under this agreement in the current year. We are recognizing the revenue ratably over the four year period of the contract. Offsetting these increases, accrued liabilities decreased $605,928 primarily due to a decrease in accrued commissions and amounts due to employees for 2007 under the Profit Sharing and Bonus Plan.

        Our investing activities used cash of $850,927 in 2007 and provided cash of $15,768,382 in 2006. In 2007, our cash used in investing activities was primarily related to expenditures incurred in expanding and protecting our intellectual property portfolio. In 2006, our cash provided by investing activities was primarily related to the sale of investments of $11,996,917 and proceeds received from the sale of our interests in Valence and the Joint Venture, which totaled $4,687,021.

        Our financing activities used cash of $1,103,772 during 2007 and provided cash of $5,539,997 during 2006. Our financing activities during 2007 primarily consisted of proceeds from the exercise of employee stock options of $1,842,964, offset by the purchase of outstanding stock for $2,946,736 under the stock repurchase program announced in November 2007. During 2006, we received cash of $7,654,583 as the result of the exercise of employee stock options. This increase in cash was partially offset by our purchase of $2,114,586 of outstanding stock as part of the sale of our interest in Valence.

        We believe our existing cash balances and investments together with cash generated from operating activities will be sufficient to meet our anticipated cash needs for at least the next twelve months. Our future capital requirements will depend on many factors, including our level of revenues, the timing and extent of spending to support product development efforts, the expansion of sales and marketing activities, the timing of introductions of new products, the costs to ensure access to adequate manufacturing capacity, and the continuing market acceptance of our products. We could be required, or could elect, to seek additional funding through public or private equity or debt financing. It is possible that such additional funds will not be available on terms acceptable to us or at all.

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Liquidity and Capital Resources



        At December 31, 2007, cash and cash equivalents and investments available for sale were $45,067,166 compared to $40,238,130 as of December 31, 2006,
an increase of $4,829,036. Our cash and cash equivalents were $39,615,291 as of December 31, 2007, an increase of $4,603,866 from cash and cash equivalents of $35,011,425 held at
December 31, 2006. The increase was primarily a result of positive cash flow generated by operating activities and the exercise of employee stock options, partially offset by the purchase of
treasury stock. Cash and cash equivalents generally consist of cash, money market funds and other money market instruments with original maturities of three months or less. We held $5,451,875 in
investments available for sale at December 31, 2007, as compared to $5,226,705 at December 31, 2006, an increase of $225,170, due to the change in the market value of the instrument.
Investments consist of U.S. government securities rated AAA. In fiscal 2007, 2006 and 2005, operations were funded primarily from cash from operating activities.



        Net
cash provided by operating activities was $6,558,565 and $4,950,707 for fiscal 2007 and 2006, respectively. The $1,607,858 increase in net cash provided by operating activities in
fiscal year 2007, compared to fiscal year 2006, was primarily a result of the Company not spending any cash in the current year related to discontinued operations, as the Company sold its discontinued
operations in 2006. Additionally, the 2007 deferred revenue increased $757,271 primarily due to the Company entering into a multi-year license agreement with LG Electronics for the use of
our existing technology for television and monitors through December 2010. We received an initial lump sum payment under this agreement in the current year. We are recognizing the revenue ratably over
the four year period of the contract. Offsetting these increases, accrued liabilities decreased $605,928 primarily due to a decrease in accrued commissions and amounts due to employees for 2007 under
the Profit Sharing and Bonus Plan.



        Our
investing activities used cash of $850,927 in 2007 and provided cash of $15,768,382 in 2006. In 2007, our cash used in investing activities was primarily related to expenditures
incurred in expanding and protecting our intellectual property portfolio. In 2006, our cash provided by investing activities was primarily related to the sale of investments of $11,996,917 and
proceeds received from the sale of our interests in Valence and the Joint Venture, which totaled $4,687,021.



        Our
financing activities used cash of $1,103,772 during 2007 and provided cash of $5,539,997 during 2006. Our financing activities during 2007 primarily consisted of proceeds from the
exercise of employee stock options of $1,842,964, offset by the purchase of outstanding stock for $2,946,736 under
the stock repurchase program announced in November 2007. During 2006, we received cash of $7,654,583 as the result of the exercise of employee stock options. This increase in cash was partially offset
by our purchase of $2,114,586 of outstanding stock as part of the sale of our interest in Valence.



        We
believe our existing cash balances and investments together with cash generated from operating activities will be sufficient to meet our anticipated cash needs for at least the next
twelve months. Our future capital requirements will depend on many factors, including our level of revenues, the timing and extent of spending to support product development efforts, the expansion of
sales and marketing activities, the timing of introductions of new products, the costs to ensure access to adequate manufacturing capacity, and the continuing market acceptance of our products. We
could be required, or could elect, to seek additional funding through public or private equity or debt financing. It is possible that such additional funds will not be available on terms acceptable to
us or at all.



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This excerpt taken from the SRSL 10-Q filed Nov 6, 2007.

Liquidity and Capital Resources

 

Our principal source of liquidity to fund ongoing operations at September 30, 2007 consisted of cash, cash equivalents and long-term investments of $45,429,472. At September 30, 2007, we had cash and cash equivalents of $40,075,552 and long-term investments of $5,353,920. Cash and cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and are so near maturity that they present insignificant risk of changes in value because of interest rates. Cash and cash equivalents generally consist of cash, money market funds and instruments with original maturities of three months or less. Investments consist of U.S. government securities rated AAA.

 

Net cash provided by operating activities was $3,922,769 and $2,044,316 during the nine months ended September 30, 2007 and September 30, 2006, respectively. The $1,878,453 increase in net cash provided by operating activities for the nine months ended September 30, 2007, compared to the same period in the prior year, was primarily a result of the Company not having any cash outflow related to discontinued operations during the nine months ended September 30, 2007 as the discontinued operations were sold in the second and third fiscal quarters of 2006. Partially offsetting the increase, accounts receivable rose by $846,007 during the nine months ended September 30, 2007 compared to $401,462 in the same period in the prior year, primarily due to a significant customer reporting royalties later than in prior periods. Additionally, accounts payable and accrued liabilities decreased $249,444 and $489,159, respectively, during the nine months ended September 30, 2007 as compared to increasing $156,478 and $312,031, respectively, during the same period in the prior year. The changes in liability accounts generally relate to the timing of payments to vendors and changes in accrued commissions and amounts due to employees under the 2007 Bonus and Profit Sharing Plan.

 

Net cash used in investing activities was $701,606 during the nine months ended September 30, 2007, and net cash provided by investing activities during the same period in the prior year was $13,836,919. The decrease in cash from investing activities is primarily due to the Company selling its available-for-sale investments for $9,993,748 in September 2006 and re-investing the proceeds into cash equivalents. In the prior period, the Company also received $4,300,000 and $371,295 for the sale of Valence and its equity interest in CCH/SRS LLC, respectively. There were no cash inflows or outflows from the discontinued operations in the current period.

 

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Our net cash provided by financing activities from continuing operations was $1,842,964 and $1,493,341 during the nine months ended September 30, 2007 and September 30, 2006, respectively. The increase in net cash provided by financing activities was attributable to the Company not repurchasing any of its common stock in 2007 offset by a decrease in stock option exercises.

 

We expect expenditures related to patents and intangible assets to increase in the future consistent with the growth in our licensing business, as we continue to invest in the development of new technologies.

 

Based on current plans and business conditions, we expect that our cash, cash equivalents and investments together with any amounts generated from operations will be sufficient to meet our cash requirements for the next twelve months. However, there can be no assurance that we will not be required to seek other financing sooner or that such financing, if required, will be available on terms satisfactory to us.

 

Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition, results of operations and trading price of our common stock. Please refer to Item 1A, “Risk Factors” in our annual report on Form 10-K for fiscal year 2006 for information concerning these and other uncertainties that could negatively impact us.

 

This excerpt taken from the SRSL 10-Q filed Aug 6, 2007.

Liquidity and Capital Resources

Our principal source of liquidity to fund ongoing operations at June 30, 2007 consisted of cash, cash equivalents and long-term investments of $43,846,595. At June 30, 2007, we had cash and cash equivalents of $38,616,425 and long-term investments of $5,230,170. Cash and cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and are so near maturity that they present insignificant risk of changes in value because of interest rates.  Cash and cash equivalents generally consist of cash, money market funds and instruments with original maturities of three months or less. Also included in cash equivalents are debt instruments, which the Company expects to hold three months or less.  Investments consist of U.S. government securities rated AAA.

Net cash provided by operating activities was $2,304,119 and $1,771,731 during the six months ended June 30, 2007 and June 30, 2006, respectively. The $532,388 increase in net cash provided by operating activities for the six months ended June 30, 2007, compared to the same period in the prior year, was primarily a result of an increase of $1,609,122 in net income for the six months ended June 30, 2007. Offsetting the increase, accounts receivable rose by $458,418 during the six months ended June 30, 2007 compared to the same period in the prior year, primarily due to one significant customer reporting royalties and remitting payment later than in prior periods.  Additionally, accounts payable and accrued liabilities decreased $238,286 and $359,134, respectively, during the six months ended June 30, 2007 as compared to the same period in the prior year.  The changes in liability accounts generally relate to the timing of payments to vendors and changes in accrued commissions and amounts due to employees under the 2007 Bonus and Profit Sharing Plan.

Our net cash used in investing activities was $514,674 and $671,049 during the six months ended June 30, 2007 and June 30, 2006, respectively. The decrease in net cash used in investing activities was attributable primarily to the Company not having any cash outflow related to discontinued operations during the six months ended June 30, 2007, as the discontinued operations were sold in the second and third fiscal quarters of 2006.  During the six months ended June 30, 2006, the net cash used in investing activities of discontinued operations was $159,913.

Our net cash provided by financing activities from continuing operations was $1,815,555 and $2,218,930 during the six months ended June 30, 2007 and June 30, 2006, respectively. The decrease in net cash provided by financing activities was attributable to a decrease in stock option exercises.

We expect expenditures related to patents and intangible assets to increase in the future consistent with the growth in our licensing business, as we continue to invest in the development of new technologies.

Based on current plans and business conditions, we expect that our cash, cash equivalents and investments together with any amounts generated from operations will be sufficient to meet our cash requirements for the next twelve months. However, there can be no assurance that we will not be required to seek other financing sooner or that such financing, if required, will be available on terms satisfactory to us.

Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition, results of operations and trading price of our common stock. Please refer to Item 1A, “Risk Factors” in our annual report on Form 10-K for fiscal year 2006 for information concerning these and other uncertainties that could negatively impact us.

This excerpt taken from the SRSL 10-Q filed May 3, 2007.

Liquidity and Capital Resources

Our principal source of liquidity to fund ongoing operations at March 31, 2006 consisted of cash, cash equivalents and long-term investments of $42,385,020. At March 31, 2006, we had cash and cash equivalents of $37,113,600 and long-term investments of $5,271,420. Cash and cash equivalents generally consist of cash, money market funds and other money market instruments with original maturities of three months or less. Investments consist of U.S. government securities rated AAA.

Net cash provided by operating activities was $1,185,705 and $1,219,464 during the three months ended March 31, 2007 and March 31, 2006, respectively. The decrease in our operating cash flows is primarily the result of a decrease in our accounts receivable of $246,072 and $736,677 during the three months ended March 31, 2007 and 2006, respectively, due to timing of billing and cash receipts.  Accounts payable and accrued liabilities decreased $377,614 and $442,816, respectively,

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during the three months ended March 31, 2007.  In contrast, accounts payable and accrued liabilities increased $114,231 and $58,918, respectively, during the three months ended March 31, 2006.  The changes in liability accounts generally relate to the decrease in 2007 professional fees and the timing of payments to vendors and employees. Offsetting the decreases, we did not have any cash outflow related to discontinued operations during the three months ended March 31, 2007, as the discontinued operations were sold in the second and third fiscal quarters of 2006.

Our net cash used in investing activities from continuing operations was $188,131and $359,612 during the three months ended March 31, 2007 and March 31, 2006, respectively. The decrease in net cash used by investing activities was attributable primarily to a $40,328 decrease in cash used in expenditures related to patents and intangible assets and an $87,343 decrease in purchases of furniture, fixtures and equipment.

Our net cash provided by financing activities from continuing operations was $1,104,601 and $1,015,218 during the three months ended March 31, 2007 and March 31, 2006, respectively. The increase in net cash provided by financing activities was attributable to an increase in stock option exercises.

We expect expenditures related to patents and intangible assets to increase in the future consistent with the growth in our licensing business, as we continue to invest in the development of new technologies.

Based on current plans and business conditions, we expect that our cash, cash equivalents and investments together with any amounts generated from operations will be sufficient to meet our cash requirements for the next twelve months. However, there can be no assurance that we will not be required to seek other financing sooner or that such financing, if required, will be available on terms satisfactory to us.

Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition, results of operations and trading price of our common stock. Please refer to Item 1A, “Risk Factors” in our annual report on Form 10-K for fiscal year 2006 for information concerning these and other uncertainties that could negatively impact us.

This excerpt taken from the SRSL 10-K filed Mar 22, 2007.

Liquidity and Capital Resources

At December 31, 2006 cash and cash equivalents and investments available for sale were $40,238,130 compared to $25,829,509 as of December 31, 2005, an increase of $14,408,621. The Company’s cash and cash equivalents were $35,011,425 as of December 31, 2006, an increase of $26,259,086 from cash and cash equivalents of $8,752,339 held at December 31, 2005. The increase is primarily a result of positive cash flow generated by operating activities, the sale of our interest in Valence and the exercise of employee stock options. Cash and cash equivalents generally consist of cash, money market funds and other money market instruments with original maturities of three months or less. We held $5,226,705 in investments available for sale at December 31, 2006, as compared to $17,077,170 at December 31, 2005, a decrease of $11,850,465. The decrease in investments available for sale is due to investments maturing and the Company investing the proceeds in cash equivalents. Investments consist of U.S. government securities rated AAA. In fiscal 2006, 2005 and 2004, operations were funded primarily from cash from operating activities.

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Net cash provided by operating activities was $4,950,707 and $2,994,327 for fiscal 2006 and 2005, respectively. The $1,956,380 increase in net cash provided by operating activities in fiscal year 2006, compared to fiscal year 2005, was primarily a result of net income for the year and non-cash items of depreciation and amortization of $727,773 and deferred stock compensation of $1,359,767, offset by net cash used by discontinued operations of $1,945,807 and a non-cash gain on disposal of discontinued operations of $624,646. Accounts receivable decreased by $725,495 during fiscal 2006 due to collection of several significant accounts prior to year end. The total days sales outstanding were 23 days at December 31, 2006 compared to 46 days at December 31, 2005. In fiscal 2006, accrued liabilities increased $493,338 primarily due to an increase in accrued commissions and amounts due to employees under the 2006 Bonus and Profit Sharing Plan.

Our investing activities provided cash of $15,768,382 in 2006 and used cash of $1,184,323 in 2005. The increase in cash from investing activities during 2006 is primarily due to the sale of investments held for sale and proceeds received from the sale of our interests in Valence and the Joint Venture. These amounts were partially offset by expenditures related to our patents and intangible assets of $520,881, purchases of property and equipment of $214,459, and discontinued operations of $180,216. The cash used for investing activities in fiscal 2005 is due primarily to purchases of furniture, fixtures and equipment of $154,851, expenditures related to patents and intangible assets of $440,515, and discontinued operations of $597,706.

Our financing activities provided cash of $5,539,997 during 2006 and used cash of $69,577 during 2005. During 2006, we received cash of $7,654,583 as the result of the exercise of employee stock options. This was partially offset by our purchase of $2,114,586 of outstanding stock as part of the sale of our interest in Valence. Our financing activities during 2005 primarily consisted of proceeds from the exercise of employee stock options of $990,013, offset by the purchase of outstanding stock for $1,059,590.

We believe our existing cash balances and investments together with cash generated from operating activities will be sufficient to meet our anticipated cash needs for at least the next twelve months. Our future capital requirements will depend on many factors, including our level of revenues, the timing and extent of spending to support product development efforts, the expansion of sales and marketing activities, the timing of introductions of new products, the costs to ensure access to adequate manufacturing capacity, and the continuing market acceptance of our products. We could be required, or could elect, to seek additional funding through public or private equity or debt financing. It is possible that such additional funds will not be available on terms acceptable to us or at all.

This excerpt taken from the SRSL 10-Q filed Nov 7, 2006.

Liquidity and Capital Resources

The Company’s principal source of liquidity to fund ongoing operations at September 30, 2006 consisted of cash, cash equivalents and long-term investments of $33,331,489. At September 30, 2006, the Company had cash and cash equivalents and short term investments of $28,120,194 and long-term investments of $5,211,295. Cash and cash equivalents generally consist of cash, money market funds and other money market instruments with original maturities of three months or less. Investments consist of U.S. government securities rated AAA.

Net cash provided by operating activities was $2,044,316 and $2,269,843 during the nine months ended September 30, 2006 and September 30, 2005, respectively. The decrease in our operating cash flows in 2006 is primarily the result of our accounts receivable increasing $401,462 during the nine months ended September 30, 2006 due to the increase in revenues and due to timing of billing and cash receipts.  Accrued liabilities increased $312,031 and $966,741 during the nine months ended September 30, 2006 and 2005, respectively. The changes in liability accounts generally relate to increases in professional fees, commissions and bonus and the timing of payments to vendors and employees.

Our net cash provided by investing activities was $13,836,919 for the nine months ended September 30, 2006 and our net cash used in investing activities from continuing operations was $1,106,542 during the nine months ended September 30, 2005. The increase in the net cash used in investing activities is primarily due to the Company receiving proceeds of $9,993,748 from the sale of its available for sale investment in fiscal 2006.  In addition, the Company sold Valence and its equity interest in CHS/SRS LLC in the current fiscal year for cash consideration of $4,300,000 and $371,295, respectively.

Our net cash provided by financing activities was $1,493,341 during the nine months ended September 30, 2006 and our net cash used in financing activities from continuing operations was $354,880 during the nine months ended September 30, 2005. The increase in net cash provided by financing activities for the nine months ended September 30, 2006 was attributable to an increase in stock option exercises, specifically due to Management Buyers exercising 357,625 vested stock options as part of the Valence transaction.  After Management Buyers exercised their stock options, the Company repurchased the 357,625 shares for $2,114,586 and immediately canceled the shares.

Our net cash used by operating activities from discontinued operations was $1,922,668 and $1,172,702 during the nine months ended September 30, 2006 and September 30, 2005, respectively.  Additionally, the net cash used in investing activities of discontinued operations was $180,216 and $78,546 during the nine months ended September 30, 2006 and September 30, 2005, respectively.  Since the discontinued operations were sold in the nine months ended September 30, 2006, we do not estimate at this time any future cash expenditures that the Company will incur related to the discontinued operations.

We expect expenditures related to patents and intangible assets to increase in the future consistent with the growth in our licensing business, as we continue to invest in the development of new technologies.

Based on current plans and business conditions, the Company expects that its cash, cash equivalents and investments together with any amounts generated from operations will be sufficient to meet the Company’s cash requirements for the next twelve months. However, there can be no assurance that the Company will not be required to seek other financing sooner or that such financing, if required, will be available on terms satisfactory to the Company.

Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition and results of operations and the trading price of our common stock. Please refer to Part II, Item 1A, “Risk Factors” for information concerning these and other uncertainties that could negatively impact the Company.

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This excerpt taken from the SRSL 10-Q filed Aug 8, 2006.

Liquidity and Capital Resources

 

The Company’s principal source of liquidity to fund ongoing operations at June 30, 2006 consisted of cash, cash equivalents and long-term investments of $29,140,155. At June 30, 2006, the Company had cash and cash equivalents and short term investments of $24,040,566 and long-term investments of $5,099,589. Cash and cash equivalents generally consist of cash, money market funds and other money market instruments with original maturities of three months or less. Investments consist of U.S. government securities rated AAA.

 

Net cash provided by operating activities from continuing operations was $1,900,029 and $2,548,212 during the six months ended June 30, 2006 and June 30, 2005, respectively. The decrease in our operating cash flows is primarily the result of our deferred revenue decreasing $427,382 and $128,702 in the six months ended June 30, 2006 and June 30, 2005, respectively, due to recognition of revenue on prepaid royalties. Accrued liabilities increased $51,058 and $1,149,403 during the six months ended June 30, 2006 and 2005, respectively. The changes in liability accounts generally relate to increases in professional fees, commissions and bonus and the timing of payments to vendors and employees. Accounts receivable decreased $440,715 and $287,557 during the six months ended June 30, 2006 and 2005, respectively, due to timing of billing and cash receipts, which partially offset the decreases in operating cash flows.

 

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Our net cash used in investing activities from continuing operations was $511,136 and $290,568 during the six months ended June 30, 2006 and June 30, 2005, respectively. The increase in net cash used by investing activities was attributable primarily to a $82,490 increase in cash used in expenditures related to patents and intangible assets and a $138,078 increase to purchase of furniture, fixtures and equipment.

 

Our net cash provided by financing activities from continuing operations was $1,923,257 during the six months ended June 30, 2006 and our net cash used in financing activities from continuing operations was $651,850 during the six months ended June 30, 2005. The increase in net cash provided by financing activities was attributable to an increase in stock option exercises. Additionally, during the six months ended June 30, 2005, the Company repurchased treasury stock of $1,059,590 and did not purchase any treasury stock in the six months ended June 30, 2006.

 

Our net cash increase from discontinued operations was $7,462 during the six months ended June 30, 2006 and our net cash decrease from discontinued operations was $1,782,835 during the six months ended June 30, 2005. We are unable to estimate at this time the future cash expenditures that the Company will incur related to the disposition of the Company’s interest in Valence.

 

We expect expenditures related to patents and intangible assets to increase in the future consistent with the growth in our licensing business, as we continue to invest in the development of new technologies.

 

Based on current plans and business conditions, the Company expects that its cash, cash equivalents and investments together with any amounts generated from operations will be sufficient to meet the Company’s cash requirements for the next twelve months. However, there can be no assurance that the Company will not be required to seek other financing sooner or that such financing, if required, will be available on terms satisfactory to the Company.

 

Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition and results of operations and the trading price of our common stock. Please refer to Item 1A, “Risk Factors” in our annual report on Form 10-K for fiscal year 2005 for information concerning these and other uncertainties that could negatively impact the Company.

 

This excerpt taken from the SRSL 10-Q filed May 11, 2006.

Liquidity and Capital Resources

 

The Company’s principal source of liquidity to fund ongoing operations at March 31, 2006 consisted of cash, cash equivalents and long-term investments of $27,646,804. At March 31, 2006, the Company had cash and cash equivalents of $10,627,409 and long-term investments of $17,019,395. Cash and cash equivalents generally consist of cash, money market funds and other money market instruments with original maturities of three months or less. Investments consist of U.S. government securities rated AAA.

 

Net cash provided by operating activities from continuing operations was $1,465,793 and $1,142,630 during the three months ended March 31, 2006 and March 31, 2005, respectively. The increase in our operating cash flows is primarily the result of our accounts receivable decreased $736,677 and increased $244,522 during the three months ended March 31, 2006 and 2005, respectively, due to timing of billing and cash receipts.  Accrued liabilities increased $58,918 and $950,276 during the three months ended March 31, 2006 and 2005, respectively.  The changes in liability accounts generally relate to increases in professional fees, commissions and bonus and the timing of payments to vendors and employees. Offsetting the increases, deferred revenue decreased $128,982 in the current quarter, due to realization and recognition of revenue on prepaid royalties.

 

Our net cash used in investing activities from continuing operations was $315,802 and $165,649 during the three months ended March 31, 2006 and March 31, 2005, respectively. The increase in net cash used by investing activities was attributable primarily to a $53,553 increase in cash used in expenditures related to patents and intangible assets and a $96,600 increase in purchases of furniture, fixtures and equipment.

 

Our net cash provided by financing activities from continuing operations was $914,830 and $66,287 during the three months ended March 31, 2006 and March 31, 2005, respectively. The increase in net cash provided by financing activities was attributable to increase an increase in stock option exercises.

 

Our net cash decrease from discontinued operations was $189,751 and $1,054,939 during the three months ended March 31, 2006 and March 31, 2005, respectively.  We are unable to estimate at this time the future cash expenditures that the Company will incur related to the disposition of the Company’s interest in Valence and CHS/SRS LLC.

 

We expect expenditures related to patents and intangible assets to increase in the future consistent with the growth in our licensing business, as we continue to invest in the development of new technologies.

 

Based on current plans and business conditions, the Company expects that its cash, cash equivalents and investments together with any amounts generated from operations will be sufficient to meet the Company’s cash requirements for the next twelve months. However, there can be no assurance that the Company will not be required to seek other financing sooner or that such financing, if required, will be available on terms satisfactory to the Company.

 

Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition, results of operations and trading price of our common stock. Please refer to Item 1A, “Risk Factors” in our annual report on Form 10-K for fiscal year 2005 for information concerning these and other uncertainties that could negatively impact the Company.

 

21



 

This excerpt taken from the SRSL 10-K filed Mar 24, 2006.
Liquidity and Capital Resources

At December 31, 2005 cash, cash equivalents and long-term investments were $25,829,509 compared to $24,273,179 as of December 31, 2004, an increase of $1,556,330. Of that, $8,752,339 was held in cash and cash equivalents, an increase of $1,740,427 from cash and cash equivalents of $7,011,912 held at December 31, 2004 primarily resulting from positive cash flow generated by operating activities. Cash and cash equivalents generally consist of cash, money market funds and other money market instruments with original maturities of three months or less. We held $17,077,170 in investments available for sale at December 31, 2005, as compared to $17,261,267 at December 31, 2004 a decrease of  $184,097. Investments consist of U.S. government securities rated AAA. In fiscal 2005, 2004 and 2003, operations were funded primarily from cash from operations.

Net cash provided by operating activities was $2,994,327 and $2,535,210 for fiscal 2005 and 2004, respectively. The $459,117 increase in net cash provided by operating activities in fiscal year 2005, compared to fiscal year 2004, was primarily a result of non-cash items including the write-down of the investment in the Joint Venture of $3,314,045, depreciation and amortization of $1,385,374, offset by a net loss of $1,424,385 and increase in accounts receivable of $1,537,127. Accounts receivable increased 112% during fiscal 2005 due to increases in both licensing and semiconductor revenues during the fourth quarter of 2005 as compared to the fourth quarter of 2004. The total days sales outstanding on a consolidated basis were 46 days at December 31, 2005 compared to 22 days at December 31, 2004 due to increases in both licensing and semiconductor revenues during the fourth quarter of 2005, which resulted in higher than average accounts receivable and days sales outstanding. Prepaid expenses and other current assets decreased $400,733 in fiscal 2005 due to a decrease in advanced payments of promotional costs as of year-

36




end. In fiscal 2005, accounts payable and accrued liabilities increased $612,565 and $315,955, respectively primarily due to an increase in professional fees and deferred revenues increased $100,726 due to increased prepayment of license fees.

Our net cash used in investing activities was $1,184,323 and $10,805,115 for fiscal 2005 and 2004, respectively. The decrease in cash used for investing activities in fiscal 2005 is due primarily to purchases of furniture, fixtures and equipment of $276,484 and expenditures related to patents and intangible assets of $440,515. During fiscal 2004, we entered into a strategic alliance with Coming Home Studios LLC, which used cash of $481,081 and $2,563,732 during 2005 and 2004, respectively.

Our net financing activities used cash of $69,577 during fiscal 2005 and provided cash of $2,486,197 during fiscal years 2004. Our financing activities during 2005 and 2004 primarily consisted of proceeds from the exercise of employee stock options of $990,013 and $3,711,451, respectively, offset by the purchase of treasury shares for $1,059,590 and $1,225,254, respectively.

We recorded an impairment charge of $3.3 million as of December 31, 2005, based on a total loss of the carrying value of the Company’s investment in the Joint Venture. Because the impairment does not relate to cash charges, we do not expect the impairment charge will result in future cash expenditures, except for certain legal and accounting expenses related to the disposition of the Company’s interest in the Joint Venture.

We believe our existing cash balances and investments together with cash generated from operating activities will be sufficient to meet our anticipated cash needs for at least the next twelve months. Our future capital requirements will depend on many factors, including our level of revenues, the timing and extent of spending to support product development efforts, the expansion of sales and marketing activities, the timing of introductions of new products, the costs to ensure access to adequate manufacturing capacity, and the continuing market acceptance of our products. We could be required, or could elect, to seek additional funding through public or private equity or debt financing. It is possible that such additional funds will not be available on terms acceptable to us or at all.

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