we are targeting hemp-based solutions that allow farmers to reliably and consistently achieve compliance with usda regulations , through varieties with improved functionality and application of specific attributes such as select cannabinoid contents for health and wellness , enhanced proteins profiles for plant-based dietary applications and industrial applications such as clothing and hempcrete . arcadia conducts its business in only federal and state markets in which its activities are legal . 44 on october 31 , 2019 , the usda published the i nterim f inal r ul e as authorized by the agriculture improvement act of 2018 for hemp cultivation , which mandates that states test hemp crops and dispose of `` hot `` crops that exceed 0.3 % thc . while hemp farmers will have acc ess to crop protection options , the destruction of hot crops that fail these stringent inspections will not be a covered loss under crop insurance programs . in 2019 alone , more than 20 % of u.s. hemp crops were non-compliant , representing over $ 2 billion in losses for growers . arcadia goodhemp in december 2019 , we announced the launch of a new product line , goodhemp , as the company 's new commercial brand for delivering genetically superior hemp seeds , transplants , flower and extracts . the first variety in goodhemp 's catalog , complia bot+ , is a widely adapted cannabis strain that delivers high cannabinoid ( cbd ) content ( more than 10 % ) with ultra-low thc , the psychoactive compound in cannabis . it is part of the complia hemp seed line arcadia is bringing to market through goodhemp , with six additional proprietary varieties in early adopter farmer trials with sales expected in the 2020 season . the hemp business journal estimates the hemp cbd market – the primary non-psychoactive compound in hemp – totaled $ 190 million in u.s. sales in 2018. by 2022 , the brightfield group , a hemp and cbd market research firm , projects u.s. sales to reach $ 22 billion . additionally , grandview research estimates the market for non-cannabinoid , industrial hemp market will exceed $ 15 billion by 2027. archipelago ventures hawaii , llc in august 2019 , we formed a new joint venture to serve the hawaiian , north american and asian hemp markets , archipelago ventures hawaii , llc ( “ archipelago ” ) . this new venture between arcadia and legacy ventures hawaii ( “ legacy ” ) combines arcadia 's extensive genetic expertise and seed innovation history with legacy 's growth capital and strategic advisory expertise in the hawaiian markets . additionally , legacy brings to the partnership years of proven success in extraction , product formulation and sales of cannabinol oil and distillate products through its equity partner , vapen cbd . legacy was originally formed to be a vehicle for its partners to pursue hemp opportunities within the hawaiian islands . legacy 's primary role within archipelago is to build world class cgmp extraction facilities to allow hawaiian farmers an outlet for maximizing their profits growing and converting hemp to high grade cbd , as well as other high-value compounds . legacy 's equity partner , vapen cbd , is a wholly owned subsidiary of vext which is a publicly traded cannabis operator based in phoenix , arizona listed on both the canadian and frankfurt exchanges . archipelago creates a vertically integrated supply chain , from seed to sale , we believe the first of its kind in hawaii , and has three important strategic imperatives : ( 1 ) ensure a reliable supply chain during critical scale up of the global hemp market , a major risk mitigation for success , ( 2 ) ensure high quality throughout the supply chain , from genetics to the field and field to the customer and ( 3 ) ensure being well-positioned to address the unique needs and opportunities of the hawaiian market . arcadia goodwheat in 2018 , we launched our goodwheat brand , a non-genetically modified ( non-gm ) portfolio of wheat products that enables food manufacturers to differentiate their consumer-facing brands . consumer food companies are looking to simplify their food ingredient formulations and consumers are demanding “ clean labeling ” in their foods , paying more for foods having fewer artificial ingredients and more natural , recognizable and healthy ingredients . a 2017 survey by pr agency ingredient communications found that 73 % of consumers are happy to pay a higher retail price for a food or drink product made with ingredients they recognize . because goodwheat increases the nutrient density directly in the primary grains and oils , it provides the mechanism for food formulation simplification naturally , cost effectively and in a time-frame to meet evolving consumer demands . the brand launch is a key element of the company 's go-to-market strategy to achieve greater value for its innovations by participating in downstream consumer revenue opportunities . we designed the brand to make an immediate connection with consumers that products made with goodwheat meet their demands for healthier wheat options that also taste great . the goodwheat brand encompasses our current and future non-gm wheat portfolio of high fiber resistant starch ( rs ) and reduced gluten wheat varieties , as well as future wheat innovations . in october 2019 , the u.s. patent and trademark office granted us the latest patents for extended shelf life wheat , the newest trait in our non-genetically modified wheat portfolio . this new trait was designed to promote whole wheat consumption by improving the shelf life and taste of whole grain wheat products . 45 with additional patents granted in 2019 , we now hold more than 15 global patents on our high fiber resistant starch wheat , protecting both bread wheat and durum ( pasta ) wheat . claims granted in 2019 strengthen our intellectual property for our resistant starch portfolio of products . story_separator_special_tag through december 31 , 2018. the estimated fair value of the purchase agreement common stock adjustment feature was $ 4.6 million , the estimated fair value of the purchase agreement common stock warrants decreased by $ 7.9 million , and the estimated fair value of the june offering common stock warrants decreased by $ 6.3 million due to the decrease in the company 's stock price . the purchase agreement common stock adjustment feature liability was released to equity following the final fair value remeasurement in may 2018. see note 11. offering costs offering costs for the year ended december 31 , 2019 of $ 0.7 million is comprised of the placement agent fees , placement agent warrants , advisory fees , and legal and accounting fees related to the june 2019 and september 2019 offerings . offering costs for the year ended december 31 , 2018 of $ 2.6 million is comprised of $ 1.8 million associated with the march 2018 private placement and $ 721,000 related to the june 2018 offering and the june 2018 private placement . income tax provision the income tax provision decreased $ 8,000 or 80 % for the year ended december 31 , 2019 compared to the year ended december 31 , 2018. see note 15 . 51 seasonality we and our commercial partners operate in different geographies around the world and conduct field trials used for data generation , which must be conducted during the appropriate growing seasons for particular crops and markets . often , there is only one crop-growing season per year for certain crops and markets . similarly , climate conditions and other factors that may influence the sales of our products may vary from season to season and year to year . in particular , weather conditions , including natural disasters such as heavy rains , hurricanes , hail , floods , tornadoes , freezing conditions , drought or fire , may affect the timing and outcome of field trials , which may delay milestone payments and the commercialization of products incorporating our seed traits . in the future , sales of commercial products that incorporate our seed traits will vary based on crop growing seasons and weather patterns within particular regions . the level of seasonality in our business overall is difficult to evaluate at this time due to our relatively early stage of development , our relatively limited number of commercialized products , our expansion into new geographical markets and our introduction of new products and traits . liquidity , capital resources and going concern we have funded our operations primarily with the net proceeds from our initial public offering , private placements of equity securities and debt , as well as proceeds from the sale of our sonova products and payments under license agreements , contract research agreements and government grants . our principal use of cash is to fund our operations , which are primarily focused on completing development and commercializing our quality seed traits . this includes replicating field trials , coordinating with our partners on their development programs and scaling harvest production of wheat , hemp and soy . as of december 31 , 2019 , we had cash and cash equivalents of $ 8.4 million and short-term investments of $ 16.9 million . for the years ended december 31 , 2019 and 2018 , the company had net losses of $ 28.9 million and $ 13.5 million , respectively , and net cash used in operations of $ 17.2 million and $ 13.6 million , respectively . as is disclosed in note 11 , the company obtained funding through two separate arrangements during the first half of 2018 and two offerings during june 2019 and september 2019. on march 19 , 2018 , the company entered into securities purchase agreements with institutional investors in connection with a private placement of common stock and warrants in the amount of $ 10 million , exclusive of any related transaction fees . on june 11 , 2018 , the company entered into agreements with institutional investors through a registered direct offering in the amount of $ 14 million , exclusive of any related transaction fees . on june 12 , 2019 , the company entered into agreements with institutional investors through a registered direct offering in the amount of $ 7.5 million exclusive of any related transaction fees . in august and september 2019 , investors exercised warrants , generating cash proceeds totaling $ 5.3 million . on september 5 , 2019 , the company entered into agreements with institutional investors through a registered direct offering in the amount of $ 10 million exclusive of any related transaction fees . we believe that our existing cash , cash equivalents and short-term investments will not be sufficient to meet our anticipated cash requirements for at least the next 12 months which raises substantial doubt about the company 's ability to continue as a going concern . see note 1 of the notes to the consolidated financial statements for more information . we may seek to raise additional funds through debt or equity financings , if necessary . we may also consider entering into additional partner arrangements . our sale of additional equity would result in dilution to our stockholders . our incurrence of debt would result in debt service obligations , and the instruments governing our debt could provide for additional operating and financing covenants that would restrict our operations . if we do require additional funds and are not able to secure adequate additional funding , we may be forced to reduce our spending , extend payment terms with our suppliers , liquidate assets , or suspend or curtail planned development programs . any of these actions could materially harm our business , results of operations and financial condition . at this time , there is significant uncertainty relating to the trajectory of the novel coronavirus outbreak and impact of related responses . the

cash flows from operating activities cash used in operating activities for the year ended december 31 , 2019 was $ 17.2 million . our net loss of $ 28.9 million , change in fair value of contingent consideration of $ 1.0 million , operating lease payments of $ 715,000 , and net amortization of investment premium and discount of $ 180,000 were partially offset by the change in fair value of common stock warrant liabilities and common stock adjustment feature liability of $ 9.2 million , non-cash charges of $ 2.3 million for stock-based compensation , depreciation and amortization of $ 902,000 , as well as $ 708,000 of offering costs incurred in connection with financing activities and adjustments in our working capital accounts of $ 0.1 million . cash used in operating activities for the year ended december 31 , 2018 was $ 13.6 million . our net loss of $ 13.5 million , the change in fair value of common stock warrant liabilities and common stock adjustment feature liability of $ 9.6 million and net amortization of investment premium and discount of $ 193,000 were partially offset by the initial loss on common stock warrant and adjustment feature liabilities of $ 4.0 million , non-cash charges of $ 1.6 million for stock-based compensation , and depreciation and amortization of $ 154,000 , as well as $ 2.6 million of offering costs incurred in connection with financing activities and adjustments in our working capital accounts of $ 1.1 million . cash flows from investing activities cash used in investing activities for the year ended december 31 , 2019 of $ 8.4 million primarily consisted of $ 28.4 million in purchases of short-term investments and $ 1.5 million in purchases of property and equipment , partially offset by $ 21.5 million in proceeds from sales and maturities of investments .


 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.
     ```cash flows from operating activities cash used in operating activities for the year ended december 31 , 2019 was $ 17.2 million . our net loss of $ 28.9 million , change in fair value of contingent consideration of $ 1.0 million , operating lease payments of $ 715,000 , and net amortization of investment premium and discount of $ 180,000 were partially offset by the change in fair value of common stock warrant liabilities and common stock adjustment feature liability of $ 9.2 million , non-cash charges of $ 2.3 million for stock-based compensation , depreciation and amortization of $ 902,000 , as well as $ 708,000 of offering costs incurred in connection with financing activities and adjustments in our working capital accounts of $ 0.1 million . cash used in operating activities for the year ended december 31 , 2018 was $ 13.6 million . our net loss of $ 13.5 million , the change in fair value of common stock warrant liabilities and common stock adjustment feature liability of $ 9.6 million and net amortization of investment premium and discount of $ 193,000 were partially offset by the initial loss on common stock warrant and adjustment feature liabilities of $ 4.0 million , non-cash charges of $ 1.6 million for stock-based compensation , and depreciation and amortization of $ 154,000 , as well as $ 2.6 million of offering costs incurred in connection with financing activities and adjustments in our working capital accounts of $ 1.1 million . cash flows from investing activities cash used in investing activities for the year ended december 31 , 2019 of $ 8.4 million primarily consisted of $ 28.4 million in purchases of short-term investments and $ 1.5 million in purchases of property and equipment , partially offset by $ 21.5 million in proceeds from sales and maturities of investments .
```    
 Suspicious Activity Report : we are targeting hemp-based solutions that allow farmers to reliably and consistently achieve compliance with usda regulations , through varieties with improved functionality and application of specific attributes such as select cannabinoid contents for health and wellness , enhanced proteins profiles for plant-based dietary applications and industrial applications such as clothing and hempcrete . arcadia conducts its business in only federal and state markets in which its activities are legal . 44 on october 31 , 2019 , the usda published the i nterim f inal r ul e as authorized by the agriculture improvement act of 2018 for hemp cultivation , which mandates that states test hemp crops and dispose of `` hot `` crops that exceed 0.3 % thc . while hemp farmers will have acc ess to crop protection options , the destruction of hot crops that fail these stringent inspections will not be a covered loss under crop insurance programs . in 2019 alone , more than 20 % of u.s. hemp crops were non-compliant , representing over $ 2 billion in losses for growers . arcadia goodhemp in december 2019 , we announced the launch of a new product line , goodhemp , as the company 's new commercial brand for delivering genetically superior hemp seeds , transplants , flower and extracts . the first variety in goodhemp 's catalog , complia bot+ , is a widely adapted cannabis strain that delivers high cannabinoid ( cbd ) content ( more than 10 % ) with ultra-low thc , the psychoactive compound in cannabis . it is part of the complia hemp seed line arcadia is bringing to market through goodhemp , with six additional proprietary varieties in early adopter farmer trials with sales expected in the 2020 season . the hemp business journal estimates the hemp cbd market – the primary non-psychoactive compound in hemp – totaled $ 190 million in u.s. sales in 2018. by 2022 , the brightfield group , a hemp and cbd market research firm , projects u.s. sales to reach $ 22 billion . additionally , grandview research estimates the market for non-cannabinoid , industrial hemp market will exceed $ 15 billion by 2027. archipelago ventures hawaii , llc in august 2019 , we formed a new joint venture to serve the hawaiian , north american and asian hemp markets , archipelago ventures hawaii , llc ( “ archipelago ” ) . this new venture between arcadia and legacy ventures hawaii ( “ legacy ” ) combines arcadia 's extensive genetic expertise and seed innovation history with legacy 's growth capital and strategic advisory expertise in the hawaiian markets . additionally , legacy brings to the partnership years of proven success in extraction , product formulation and sales of cannabinol oil and distillate products through its equity partner , vapen cbd . legacy was originally formed to be a vehicle for its partners to pursue hemp opportunities within the hawaiian islands . legacy 's primary role within archipelago is to build world class cgmp extraction facilities to allow hawaiian farmers an outlet for maximizing their profits growing and converting hemp to high grade cbd , as well as other high-value compounds . legacy 's equity partner , vapen cbd , is a wholly owned subsidiary of vext which is a publicly traded cannabis operator based in phoenix , arizona listed on both the canadian and frankfurt exchanges . archipelago creates a vertically integrated supply chain , from seed to sale , we believe the first of its kind in hawaii , and has three important strategic imperatives : ( 1 ) ensure a reliable supply chain during critical scale up of the global hemp market , a major risk mitigation for success , ( 2 ) ensure high quality throughout the supply chain , from genetics to the field and field to the customer and ( 3 ) ensure being well-positioned to address the unique needs and opportunities of the hawaiian market . arcadia goodwheat in 2018 , we launched our goodwheat brand , a non-genetically modified ( non-gm ) portfolio of wheat products that enables food manufacturers to differentiate their consumer-facing brands . consumer food companies are looking to simplify their food ingredient formulations and consumers are demanding “ clean labeling ” in their foods , paying more for foods having fewer artificial ingredients and more natural , recognizable and healthy ingredients . a 2017 survey by pr agency ingredient communications found that 73 % of consumers are happy to pay a higher retail price for a food or drink product made with ingredients they recognize . because goodwheat increases the nutrient density directly in the primary grains and oils , it provides the mechanism for food formulation simplification naturally , cost effectively and in a time-frame to meet evolving consumer demands . the brand launch is a key element of the company 's go-to-market strategy to achieve greater value for its innovations by participating in downstream consumer revenue opportunities . we designed the brand to make an immediate connection with consumers that products made with goodwheat meet their demands for healthier wheat options that also taste great . the goodwheat brand encompasses our current and future non-gm wheat portfolio of high fiber resistant starch ( rs ) and reduced gluten wheat varieties , as well as future wheat innovations . in october 2019 , the u.s. patent and trademark office granted us the latest patents for extended shelf life wheat , the newest trait in our non-genetically modified wheat portfolio . this new trait was designed to promote whole wheat consumption by improving the shelf life and taste of whole grain wheat products . 45 with additional patents granted in 2019 , we now hold more than 15 global patents on our high fiber resistant starch wheat , protecting both bread wheat and durum ( pasta ) wheat . claims granted in 2019 strengthen our intellectual property for our resistant starch portfolio of products . story_separator_special_tag through december 31 , 2018. the estimated fair value of the purchase agreement common stock adjustment feature was $ 4.6 million , the estimated fair value of the purchase agreement common stock warrants decreased by $ 7.9 million , and the estimated fair value of the june offering common stock warrants decreased by $ 6.3 million due to the decrease in the company 's stock price . the purchase agreement common stock adjustment feature liability was released to equity following the final fair value remeasurement in may 2018. see note 11. offering costs offering costs for the year ended december 31 , 2019 of $ 0.7 million is comprised of the placement agent fees , placement agent warrants , advisory fees , and legal and accounting fees related to the june 2019 and september 2019 offerings . offering costs for the year ended december 31 , 2018 of $ 2.6 million is comprised of $ 1.8 million associated with the march 2018 private placement and $ 721,000 related to the june 2018 offering and the june 2018 private placement . income tax provision the income tax provision decreased $ 8,000 or 80 % for the year ended december 31 , 2019 compared to the year ended december 31 , 2018. see note 15 . 51 seasonality we and our commercial partners operate in different geographies around the world and conduct field trials used for data generation , which must be conducted during the appropriate growing seasons for particular crops and markets . often , there is only one crop-growing season per year for certain crops and markets . similarly , climate conditions and other factors that may influence the sales of our products may vary from season to season and year to year . in particular , weather conditions , including natural disasters such as heavy rains , hurricanes , hail , floods , tornadoes , freezing conditions , drought or fire , may affect the timing and outcome of field trials , which may delay milestone payments and the commercialization of products incorporating our seed traits . in the future , sales of commercial products that incorporate our seed traits will vary based on crop growing seasons and weather patterns within particular regions . the level of seasonality in our business overall is difficult to evaluate at this time due to our relatively early stage of development , our relatively limited number of commercialized products , our expansion into new geographical markets and our introduction of new products and traits . liquidity , capital resources and going concern we have funded our operations primarily with the net proceeds from our initial public offering , private placements of equity securities and debt , as well as proceeds from the sale of our sonova products and payments under license agreements , contract research agreements and government grants . our principal use of cash is to fund our operations , which are primarily focused on completing development and commercializing our quality seed traits . this includes replicating field trials , coordinating with our partners on their development programs and scaling harvest production of wheat , hemp and soy . as of december 31 , 2019 , we had cash and cash equivalents of $ 8.4 million and short-term investments of $ 16.9 million . for the years ended december 31 , 2019 and 2018 , the company had net losses of $ 28.9 million and $ 13.5 million , respectively , and net cash used in operations of $ 17.2 million and $ 13.6 million , respectively . as is disclosed in note 11 , the company obtained funding through two separate arrangements during the first half of 2018 and two offerings during june 2019 and september 2019. on march 19 , 2018 , the company entered into securities purchase agreements with institutional investors in connection with a private placement of common stock and warrants in the amount of $ 10 million , exclusive of any related transaction fees . on june 11 , 2018 , the company entered into agreements with institutional investors through a registered direct offering in the amount of $ 14 million , exclusive of any related transaction fees . on june 12 , 2019 , the company entered into agreements with institutional investors through a registered direct offering in the amount of $ 7.5 million exclusive of any related transaction fees . in august and september 2019 , investors exercised warrants , generating cash proceeds totaling $ 5.3 million . on september 5 , 2019 , the company entered into agreements with institutional investors through a registered direct offering in the amount of $ 10 million exclusive of any related transaction fees . we believe that our existing cash , cash equivalents and short-term investments will not be sufficient to meet our anticipated cash requirements for at least the next 12 months which raises substantial doubt about the company 's ability to continue as a going concern . see note 1 of the notes to the consolidated financial statements for more information . we may seek to raise additional funds through debt or equity financings , if necessary . we may also consider entering into additional partner arrangements . our sale of additional equity would result in dilution to our stockholders . our incurrence of debt would result in debt service obligations , and the instruments governing our debt could provide for additional operating and financing covenants that would restrict our operations . if we do require additional funds and are not able to secure adequate additional funding , we may be forced to reduce our spending , extend payment terms with our suppliers , liquidate assets , or suspend or curtail planned development programs . any of these actions could materially harm our business , results of operations and financial condition . at this time , there is significant uncertainty relating to the trajectory of the novel coronavirus outbreak and impact of related responses . the

