our cguard eps received ce mark approval in the european union in march 2013 , and we launched its release on a limited basis in october 2014. in january 2015 , a new version of cguard , with a rapid exchange delivery system , received ce mark approval in europe and in september 2015 , we announced the full market launch of cguard eps in europe . subsequently , we launched cguard eps in russia and certain countries in latin america and asia , and , in january 2018 , received regulatory approval to commercialize cguard eps in india . if we receive sufficient proceeds from future financings , we plan to develop cguard eps with a smaller delivery catheter ( 5 french gauge ) , which we intend to submit for ce mark approval within three calendar quarters of receiving such proceeds . we can not give any assurance that we will receive sufficient ( or any ) proceeds from any such financings or the timing of such financings , if ever . in addition , such additional financings may be costly or difficult to complete . 49 our mguard prime eps is marketed for use in patients with acute coronary syndromes , notably acute myocardial infarction ( heart attack ) and saphenous vein graft coronary interventions ( bypass surgery ) . mguard prime eps combines micronet with a bare-metal cobalt-chromium based stent . we market and sell mguard prime eps for the treatment of coronary disease in the european union . mguard prime eps received ce mark approval in the european union in october 2010 for improving luminal diameter and providing embolic protection . however , as a result of a shift in industry preferences away from bare-metal stents in favor of drug-eluting ( drug-coated ) stents , in 2014 we decided to curtail further development of this product in order to focus on the development of a drug-eluting stent product , mguard des . due to limited resources , though , our efforts have been limited to testing drug-eluting stents manufactured by potential partners for compatibility with micronet and seeking to incorporate micronet onto a drug-eluting stent manufactured by a potential partner . we are also developing a neurovascular flow diverter , nguard , which is an endovascular device that directs blood flow away from cerebral aneurysms in order to ultimately seal the aneurysms . our flow diverter would utilize an open cell , highly flexible metal scaffold to which micronet would be attached . we have completed initial pre-clinical testing of this product in both simulated bench models and standard in vivo pre-clinical models . however , as we plan to focus our resources on the further expansion of our sales and marketing activities for cguard eps and mguard prime eps and , provided that we have sufficient resources , the development of cguard eps with a smaller delivery catheter ( 5 french gauge ) and its submission for ce mark approval , we do not intend to resume further development of nguard until at least the third quarter of 2018. we also intend to develop a pipeline of other products and additional applications by leveraging our micronet technology to new applications to improve peripheral vascular and neurovascular procedures , such as the treatment of the superficial femoral artery disease , vascular disease below the knee and neurovascular stenting to seal aneurysms in the brain . presently , none of our products may be sold or marketed in the united states . recent events effective as of 5:00 p.m. eastern time on february 7 , 2018 , we amended our certificate of incorporation in order to effectuate a 1-for-35 reverse stock split of our outstanding shares of common stock . critical accounting policies we prepared our consolidated financial statements in accordance with u.s. generally accepted accounting principles ( “ u.s . gaap ” ) . u.s. gaap represents a comprehensive set of accounting and disclosure rules and requirements , and applying these rules and requirements requires management judgments and estimates including , in certain circumstances , choices between acceptable u.s. gaap alternatives . the following is a discussion of our most critical accounting policies , judgments and uncertainties that are inherent in our application of u.s. gaap . use of estimates the preparation of financial statements in conformity with u.s. gaap requires management to make estimates using assumptions that affect the reported amounts of assets and liabilities , the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting periods . actual results could differ from those estimates . 50 as applicable to these consolidated financial statements , the most significant estimates and assumptions relate to inventory valuations , share-based compensation and legal contingencies . functional currency the currency of the primary economic environment in which our operations and the operations of our subsidiaries are conducted is the u.s. dollar ( “ $ ” or “ dollar ” ) . accordingly , our and our subsidiaries ' functional currency is the u.s. dollar . the dollar figures are determined as follows : transactions and balances originally denominated in dollars are presented in their original amounts . balances in foreign currencies are translated into dollars using historical and current exchange rates for non-monetary and monetary balances , respectively . the resulting translation gains or losses are recorded as financial income or expense , as appropriate . for transactions reflected in the statements of operations in foreign currencies , the exchange rates at transaction dates are used . depreciation and changes in inventories and other changes deriving from non-monetary items are based on historical exchange rates . story_separator_special_tag cash provided by financing activities for the twelve months ended december 31 , 2017 was $ 4,633,000 , compared to $ 11,703,000 during the same period in 2016. the principal source of the cash provided by financing activities during the twelve months ended december 31 , 2017 , was the funds received from our march 2017 offering of preferred stock and warrants that resulted in approximately $ 6,072,000 of aggregate net proceeds , as well as funds received from the november 2017 series d private placement that resulted in approximately $ 750,000 of aggregate net proceeds , offset by loan repayments of $ 2,179,000. the principal source of the cash provided by financing activities during the twelve months ended december 31 , 2016 was the funds received from the issuance of preferred stock and warrants in a public offering closed on july 7 , 2016 , as well issuance of shares and warrants in a concurrent public offering and private placement closed on march 21 , 2016 , for approximately $ 14,365,000 of net proceeds , offset by loan repayments of $ 2,648,000. as of december 31 , 2017 , our current assets exceeded our current liabilities by a multiple of 2.1. current assets decreased by $ 3,477,000 during the period and current liabilities decreased by $ 2,296,000 during the period . as a result , our working capital decreased by $ 1,181,000 to $ 2,673,000 at december 31 , 2017. off balance sheet arrangements we have no off-balance sheet transactions , arrangements , obligations ( including contingent obligations ) , or other relationships with unconsolidated entities or other persons that have , or may have , a material effect on our financial condition , changes in financial condition , revenues or expenses , results of operations , liquidity , capital expenditures or capital resources . recent accounting pronouncements in july 2017 , the fasb issued asu 2017-11 , earnings per share ( topic 260 ) ; distinguishing liabilities from equity ( topic 480 ) ; derivatives and hedging ( topic 815 ) : ( part i ) accounting for certain financial instruments with down round features , ( part ii ) replacement of the indefinite deferral for mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable noncontrolling interests with a scope exception . asu 2017-11 allows companies to exclude a down round feature when determining whether a financial instrument ( or embedded conversion feature ) is considered indexed to the entity 's own stock . as a result , financial instruments ( or embedded conversion features ) with down round features may no longer be required to be accounted for as derivative liabilities . a company will recognize the value of a down round feature only when it is triggered and the strike price has been adjusted downward . for equity-classified freestanding financial instruments , an entity will treat the value of the effect of the down round as a dividend and a reduction of income available to common shareholders in computing basic earnings per share . for convertible instruments with embedded conversion features containing down round provisions , entities will recognize the value of the down round as a beneficial conversion discount to be amortized to earnings . the guidance in asu 2017-11 is effective for fiscal years beginning after december 15 , 2018 , and interim periods within those fiscal years . early adoption is permitted , and the guidance is to be applied using a full or modified retrospective approach . we are currently evaluating the impact this asu will have on our consolidated financial statements . 56 the fasb has issued the following standards that we have determined will not have a material impact on its consolidated financial statements upon their adoption : in may 2017 , the fasb issued asu 2017-9 on changes to terms and conditions of share-based payment awards . the amendment provides guidance about which changes to terms or conditions of a share-based payment award require an entity to apply modification accounting . the guidance is effective for the fiscal year beginning on january 1 , 2018 , including interim periods within that year ( early adoption is permitted ) . we do not anticipate that such guidance will have a material impact on our consolidated financial statements . in may 2014 , the fasb issued accounting standards codification ( “ asc ” ) 606 , revenue from contracts with customers . the objective of the new revenue standard is to provide a single , comprehensive revenue recognition model for all contracts with customers to improve comparability within industries , across industries , and across capital markets . the revenue standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized . the underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services , based on a five step model that includes the identification of the contract with the customer and the performance obligations in the contract , determination of the transaction price , allocation of the transaction price to the performance obligations in the contract and recognizing revenue when ( or as ) the entity satisfies a performance obligation . the revenue standard is effective for annual periods beginning on or after december 15 , 2017. we will adopt the standard using the modified retrospective method . in january 2016 , the fasb issued asu 2016-01 , recognition and measurement of financial assets and financial liabilities , which addresses certain aspects of recognition , measurement , presentation and disclosure of financial instruments . the new standard is effective for annual periods and interim periods beginning after december 15 , 2017 , and upon adoption , an entity should apply the amendments by means of a cumulative-effect adjustment to the balance

liquidity and capital resources we had an accumulated deficit as of december 31 , 2017 of $ 140 million , as well as a net loss of $ 8,438,000 and negative operating cash flows . we expect to continue incurring losses and negative cash flows from operations until our products ( primarily cguard eps ) reach commercial profitability . as a result of these expected losses and negative cash flows from operations , along with our current cash position , we only have sufficient resources to fund operations for a period of up to four months from the date of filing of this annual report on form 10-k. therefore , there is substantial doubt about our ability to continue as a going concern . our plans include the continued commercialization of our products and raising capital through the sale of additional equity securities , debt or capital inflows from strategic partnerships . there are no assurances , however , that we will be successful in obtaining the level of financing needed for our operations . if we are unsuccessful in commercializing our products and raising capital , we may need to reduce activities , curtail or cease operations . on october 23 , 2013 , we entered into a loan and security agreement with hercules technology growth capital , inc. ( “ hercules ” ) , which was subsequently amended on november 19 , 2013 , july 23 , 2014 , and june 13 , 2016 , pursuant to which we received a loan of $ 10 million , before deduction of issuance costs . interest on the loan was determined on a daily basis at a variable rate equal to the greater of either ( i ) 10.5 % , or ( ii ) the sum of ( a ) 10.5 % plus ( b ) the prime rate minus 5.5 % .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources we had an accumulated deficit as of december 31 , 2017 of $ 140 million , as well as a net loss of $ 8,438,000 and negative operating cash flows . we expect to continue incurring losses and negative cash flows from operations until our products ( primarily cguard eps ) reach commercial profitability . as a result of these expected losses and negative cash flows from operations , along with our current cash position , we only have sufficient resources to fund operations for a period of up to four months from the date of filing of this annual report on form 10-k. therefore , there is substantial doubt about our ability to continue as a going concern . our plans include the continued commercialization of our products and raising capital through the sale of additional equity securities , debt or capital inflows from strategic partnerships . there are no assurances , however , that we will be successful in obtaining the level of financing needed for our operations . if we are unsuccessful in commercializing our products and raising capital , we may need to reduce activities , curtail or cease operations . on october 23 , 2013 , we entered into a loan and security agreement with hercules technology growth capital , inc. ( “ hercules ” ) , which was subsequently amended on november 19 , 2013 , july 23 , 2014 , and june 13 , 2016 , pursuant to which we received a loan of $ 10 million , before deduction of issuance costs . interest on the loan was determined on a daily basis at a variable rate equal to the greater of either ( i ) 10.5 % , or ( ii ) the sum of ( a ) 10.5 % plus ( b ) the prime rate minus 5.5 % .
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 Suspicious Activity Report : our cguard eps received ce mark approval in the european union in march 2013 , and we launched its release on a limited basis in october 2014. in january 2015 , a new version of cguard , with a rapid exchange delivery system , received ce mark approval in europe and in september 2015 , we announced the full market launch of cguard eps in europe . subsequently , we launched cguard eps in russia and certain countries in latin america and asia , and , in january 2018 , received regulatory approval to commercialize cguard eps in india . if we receive sufficient proceeds from future financings , we plan to develop cguard eps with a smaller delivery catheter ( 5 french gauge ) , which we intend to submit for ce mark approval within three calendar quarters of receiving such proceeds . we can not give any assurance that we will receive sufficient ( or any ) proceeds from any such financings or the timing of such financings , if ever . in addition , such additional financings may be costly or difficult to complete . 49 our mguard prime eps is marketed for use in patients with acute coronary syndromes , notably acute myocardial infarction ( heart attack ) and saphenous vein graft coronary interventions ( bypass surgery ) . mguard prime eps combines micronet with a bare-metal cobalt-chromium based stent . we market and sell mguard prime eps for the treatment of coronary disease in the european union . mguard prime eps received ce mark approval in the european union in october 2010 for improving luminal diameter and providing embolic protection . however , as a result of a shift in industry preferences away from bare-metal stents in favor of drug-eluting ( drug-coated ) stents , in 2014 we decided to curtail further development of this product in order to focus on the development of a drug-eluting stent product , mguard des . due to limited resources , though , our efforts have been limited to testing drug-eluting stents manufactured by potential partners for compatibility with micronet and seeking to incorporate micronet onto a drug-eluting stent manufactured by a potential partner . we are also developing a neurovascular flow diverter , nguard , which is an endovascular device that directs blood flow away from cerebral aneurysms in order to ultimately seal the aneurysms . our flow diverter would utilize an open cell , highly flexible metal scaffold to which micronet would be attached . we have completed initial pre-clinical testing of this product in both simulated bench models and standard in vivo pre-clinical models . however , as we plan to focus our resources on the further expansion of our sales and marketing activities for cguard eps and mguard prime eps and , provided that we have sufficient resources , the development of cguard eps with a smaller delivery catheter ( 5 french gauge ) and its submission for ce mark approval , we do not intend to resume further development of nguard until at least the third quarter of 2018. we also intend to develop a pipeline of other products and additional applications by leveraging our micronet technology to new applications to improve peripheral vascular and neurovascular procedures , such as the treatment of the superficial femoral artery disease , vascular disease below the knee and neurovascular stenting to seal aneurysms in the brain . presently , none of our products may be sold or marketed in the united states . recent events effective as of 5:00 p.m. eastern time on february 7 , 2018 , we amended our certificate of incorporation in order to effectuate a 1-for-35 reverse stock split of our outstanding shares of common stock . critical accounting policies we prepared our consolidated financial statements in accordance with u.s. generally accepted accounting principles ( “ u.s . gaap ” ) . u.s. gaap represents a comprehensive set of accounting and disclosure rules and requirements , and applying these rules and requirements requires management judgments and estimates including , in certain circumstances , choices between acceptable u.s. gaap alternatives . the following is a discussion of our most critical accounting policies , judgments and uncertainties that are inherent in our application of u.s. gaap . use of estimates the preparation of financial statements in conformity with u.s. gaap requires management to make estimates using assumptions that affect the reported amounts of assets and liabilities , the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting periods . actual results could differ from those estimates . 50 as applicable to these consolidated financial statements , the most significant estimates and assumptions relate to inventory valuations , share-based compensation and legal contingencies . functional currency the currency of the primary economic environment in which our operations and the operations of our subsidiaries are conducted is the u.s. dollar ( “ $ ” or “ dollar ” ) . accordingly , our and our subsidiaries ' functional currency is the u.s. dollar . the dollar figures are determined as follows : transactions and balances originally denominated in dollars are presented in their original amounts . balances in foreign currencies are translated into dollars using historical and current exchange rates for non-monetary and monetary balances , respectively . the resulting translation gains or losses are recorded as financial income or expense , as appropriate . for transactions reflected in the statements of operations in foreign currencies , the exchange rates at transaction dates are used . depreciation and changes in inventories and other changes deriving from non-monetary items are based on historical exchange rates . story_separator_special_tag cash provided by financing activities for the twelve months ended december 31 , 2017 was $ 4,633,000 , compared to $ 11,703,000 during the same period in 2016. the principal source of the cash provided by financing activities during the twelve months ended december 31 , 2017 , was the funds received from our march 2017 offering of preferred stock and warrants that resulted in approximately $ 6,072,000 of aggregate net proceeds , as well as funds received from the november 2017 series d private placement that resulted in approximately $ 750,000 of aggregate net proceeds , offset by loan repayments of $ 2,179,000. the principal source of the cash provided by financing activities during the twelve months ended december 31 , 2016 was the funds received from the issuance of preferred stock and warrants in a public offering closed on july 7 , 2016 , as well issuance of shares and warrants in a concurrent public offering and private placement closed on march 21 , 2016 , for approximately $ 14,365,000 of net proceeds , offset by loan repayments of $ 2,648,000. as of december 31 , 2017 , our current assets exceeded our current liabilities by a multiple of 2.1. current assets decreased by $ 3,477,000 during the period and current liabilities decreased by $ 2,296,000 during the period . as a result , our working capital decreased by $ 1,181,000 to $ 2,673,000 at december 31 , 2017. off balance sheet arrangements we have no off-balance sheet transactions , arrangements , obligations ( including contingent obligations ) , or other relationships with unconsolidated entities or other persons that have , or may have , a material effect on our financial condition , changes in financial condition , revenues or expenses , results of operations , liquidity , capital expenditures or capital resources . recent accounting pronouncements in july 2017 , the fasb issued asu 2017-11 , earnings per share ( topic 260 ) ; distinguishing liabilities from equity ( topic 480 ) ; derivatives and hedging ( topic 815 ) : ( part i ) accounting for certain financial instruments with down round features , ( part ii ) replacement of the indefinite deferral for mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable noncontrolling interests with a scope exception . asu 2017-11 allows companies to exclude a down round feature when determining whether a financial instrument ( or embedded conversion feature ) is considered indexed to the entity 's own stock . as a result , financial instruments ( or embedded conversion features ) with down round features may no longer be required to be accounted for as derivative liabilities . a company will recognize the value of a down round feature only when it is triggered and the strike price has been adjusted downward . for equity-classified freestanding financial instruments , an entity will treat the value of the effect of the down round as a dividend and a reduction of income available to common shareholders in computing basic earnings per share . for convertible instruments with embedded conversion features containing down round provisions , entities will recognize the value of the down round as a beneficial conversion discount to be amortized to earnings . the guidance in asu 2017-11 is effective for fiscal years beginning after december 15 , 2018 , and interim periods within those fiscal years . early adoption is permitted , and the guidance is to be applied using a full or modified retrospective approach . we are currently evaluating the impact this asu will have on our consolidated financial statements . 56 the fasb has issued the following standards that we have determined will not have a material impact on its consolidated financial statements upon their adoption : in may 2017 , the fasb issued asu 2017-9 on changes to terms and conditions of share-based payment awards . the amendment provides guidance about which changes to terms or conditions of a share-based payment award require an entity to apply modification accounting . the guidance is effective for the fiscal year beginning on january 1 , 2018 , including interim periods within that year ( early adoption is permitted ) . we do not anticipate that such guidance will have a material impact on our consolidated financial statements . in may 2014 , the fasb issued accounting standards codification ( “ asc ” ) 606 , revenue from contracts with customers . the objective of the new revenue standard is to provide a single , comprehensive revenue recognition model for all contracts with customers to improve comparability within industries , across industries , and across capital markets . the revenue standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized . the underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services , based on a five step model that includes the identification of the contract with the customer and the performance obligations in the contract , determination of the transaction price , allocation of the transaction price to the performance obligations in the contract and recognizing revenue when ( or as ) the entity satisfies a performance obligation . the revenue standard is effective for annual periods beginning on or after december 15 , 2017. we will adopt the standard using the modified retrospective method . in january 2016 , the fasb issued asu 2016-01 , recognition and measurement of financial assets and financial liabilities , which addresses certain aspects of recognition , measurement , presentation and disclosure of financial instruments . the new standard is effective for annual periods and interim periods beginning after december 15 , 2017 , and upon adoption , an entity should apply the amendments by means of a cumulative-effect adjustment to the balance

