|Lightwave Logic Significantly Increases Its Cash Reserves |
NEWARK, Del., April 9, 2012 /PRNewswire/ -- Lightwave Logic, Inc. (OTC Bulletin Board: LWLG), a technology company focused on the development of a Next Generation Non Linear Optical Polymer Materials Platform for applications in high speed fiber-optic data communications and optical computing, announced today that it has significantly increased its cash reserves.
Lightwave Logic's Annual Report on Form 10-K for the fiscal year ending 2011, filed on April 2, 2012, disclosed that during the period January 1, 2012 through April 2, 2012, the company issued an aggregate of 2,299,849 shares of its common stock pursuant to equity sales, warrant and stock option exercises in exchange for cash proceeds of $3,419,398. As of April 2, 2012 the Company's cash position was $3,194,810.
Lightwave Logic's new cash position has enabled its auditors to not include a going concern opinion in their audit report issued to the company, which is contained in the company's Annual Report on Form 10-K. The going concern consideration required by Generally Accepted Accounting Standards SAS No. 59 requires an auditor to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern.
Jim Marcelli, Lightwave Logic's Chief Executive Officer, stated, "The absence of a going concern opinion for the first time in the history of our company is a significant achievement for us as a pre-revenue development stage entity. With $3,194,810 in cash on April 2, 2012, we believe we currently have sufficient cash on hand to fund our operations through September 2013."
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Lightwave Logic, Inc. is a development stage company that is producing prototype electro-optic demonstration devices and is moving toward commercialization of its high-activity, high-stability organic polymers for applications in electro-optical device markets. Electro-optical devices convert data from electric signals into optical signals for use in high-speed fiber-optic telecommunications systems and optical computers. For further information about Lightwave Logic, visit our website at: www.lightwavelogic.com or at: facebook.com
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