we are seeking to add to our existing portfolio of products through our internal discovery pre-clinical development programs and through an in-licensing strategy . the licenses granted by theracour are for entire set of pathologies that the licensed virus is a causative agent for . the licenses are not for single drug/indication pairs , which is the customary mode of licensing in the pharmaceutical industry . thus these are very broad licenses and enable nanoviricides to pursue a number of indications as well as develop drug candidates with different characteristics as is best suited for the indications , without having to license the resulting drugs for each indication separately , as with normal pharmaceutical industry licensing . the company plans to develop several drugs through the preclinical studies and clinical trial phases with the goal of eventually obtaining approval from the united states food and drug administration ( “ fda ” ) and international regulatory agencies for these drugs . the company plans , when appropriate , to seek regulatory approvals in several international markets , including developed markets such as europe , japan , canada , australia , and emerging regions such as southeast asia , india , china , central and south america , as well as the african subcontinent . the seeking of these regulatory approvals would only come when and if one or more of our drugs have significantly advanced through the us fda and international regulatory process . if and as these advances occur , the company may attempt to partner with more established pharmaceutical companies to advance the various drugs through the approval process . the company intends to perform the regulatory filings and own all the regulatory licenses for the drugs it is currently developing . the company will develop these drugs in part via subcontracts to theracour , the exclusive source for these nanomaterials . the company may manufacture these drugs itself , or under subcontract arrangements with external manufacturers that carry the appropriate regulatory licenses and have appropriate capabilities . the company intends to distribute these drugs via subcontracts with distributor companies or in partnership arrangements . the company plans to market these drugs either on its own or in conjunction with marketing partners . the company also plans to actively pursue co-development , as well as other licensing agreements with other pharmaceutical companies . such agreements may entail up-front payments , milestone payments , royalties , and or cost sharing , profit sharing and many other instruments that may bring early revenues to the company . such licensing and or co-development agreements may shape the manufacturing and development options that the company may pursue . the company has received significant interest from certain pharmaceutical companies for potential licensing or co-development of some of our drug candidates . however , none of these distributor or co-development agreements is in place at the current time . there can be no assurance that the company will be able to develop effective nanoviricides , or if developed , that we will have sufficient resources to be able to successfully manufacture and market these products to commence revenue-generating operations . there can be no assurance that other developments in the field would not impact our business plan adversely . for example , successful creation and availability of an effective vaccine may reduce the potential market size for a particular viral disease , or an effective drug may be developed by competitors that becomes difficult to compete against with our limited resources . our goal , which we can give no assurance that we will achieve , is for nanoviricides , inc. to become the premier company developing highly safe and effective drugs that employ an integrated multiplicity of actions as enabled by our nanomedicine approach for anti-viral therapy . page 82 of 106 to date , we have engaged in organizational activities ; developing and sourcing compounds and preparing nano-materials ; and experimentation involving preclinical studies using cell cultures and animal models of efficacy and safety . we have generated funding through the issuances of debt and the sales of securities under our shelf registration and the private placement of common stock ( see , item 5 ) . the company does not currently have any long-term debt . we have not generated any revenues and we do not expect to generate revenues in the near future . we may not be successful in developing our drugs and start selling our products when planned , or we may not become profitable in the future . we have incurred net losses in each fiscal period since inception of our operations . current financial status nanoviricides technology is now maturing rapidly toward clinical drug trials , with the new facility , expanded staff , and the financial strength that we have attained since uplisting to nyse-mkt ( now nyse american ) in september 2013. as of june 30 , 2020 , the end of the reporting period , we have $ 13,708,594 in cash and cash equivalents , prepaid expenses of $ 277,063 and $ 9,544,431 of property and equipment , net of accumulated depreciation . our liabilities are $ 2,156,377 including a short term mortgage loan of $ 1,081,987 payable to dr. diwan , accounts payable of $ 380,727 payable to third parties and accounts payable to theracour of $ 561,580 of which $ 300,000 of such accounts payable is deferred until the filing of an ind . stockholders ' equity was $ 21,757,962 at june 30 , 2020. in comparison , as of june 30 , 2019 , we had $ 2,555,207 in cash and cash equivalents , prepaid expenses of $ 270,214 and property and equipment was $ 10,227,247 , net of accumulated depreciation . story_separator_special_tag the may offering closed on may 22 , 2020. with these financings and continued control of expenditures , the company ended the current fiscal year with approximately $ 13.7 million in cash and cash equivalents , and $ 9.5 million in property and equipment , net of accumulated depreciation . as of june 30 , 2020 , the company had a mortgage note payable-related party of approximately $ 1.1 million and a loan payable of approximately $ 60,000 that will mature on december 15 , 2020. page 87 of 106 on july 8 , 2020 , subsequent to the date of the reporting period , the company entered into an underwriting agreement ( the “ underwriting agreement ” ) with kingswood capital markets , a division of benchmark investments , inc. ( “ kingswood ” ) . the offering was consummated on july 10 , 2020 , whereby the company sold 1,369,863 shares of common stock and a fully exercised underwriters ' over-allotment option of 205,479 additional shares the public offering price of $ 7.30 per share . no warrants were issued in this offering . the net proceeds to the company from the offering was approximately $ 10.53 million after deducting underwriting discounts and commissions and other estimated offering expenses payable by the company . the company thus believes that it is in a strong financial position now and can undertake the covid-19 clinical program , and also , when opportune , reengage the nv-hhv-101 clinical program . the company also believes that additional non-dilutive financing will be available under the covid-19 program upon advancing it further toward or into human clinical trials . the company also believes that due to the pandemic , it will be possible to rapidly take our anti-coronavirus drug into human clinical trials under the covid-19 regulatory pathways of the us fda . requirement for additional capital as of june 30 , 2020 , we had a cash and cash equivalent balance of $ 13,708,594 that is expected to be sufficient to fund our currently budgeted operations for more than one year from the filing of the company 's form 10-k. on july 8 , 2020 , subsequent to the date of the reporting period , the company entered into an underwriting agreement ( the “ underwriting agreement ” ) with kingswood capital markets , a division of benchmark investments , inc. ( “ kingswood ” ) . the offering was consummated on july 10 , 2020 , whereby the company sold 1,369,863 shares of common stock and a fully exercised underwriters ' over-allotment option of 205,479 additional shares the public offering price of $ 7.30 per share . no warrants were issued in this offering . the net proceeds to the company from the offering was approximately $ 10.53 million after deducting underwriting discounts and commissions and other estimated offering expenses payable by the company . on july 31 , 2020 , the company entered into an at market issuance sales agreement ( the “ sales agreement ” ) with b. riley securities , inc. and kingswood capital markets , a division of benchmark investments , inc. ( each a “ sales agent ” and collectively , the “ sales agents ” ) , pursuant to which the company may offer and sell , from time to time , through or to the sales agents , shares of common stock ( the “ placement shares ” ) , having an aggregate offering price of up to $ 50 million ( the “ atm offering ” ) . sales pursuant to the sales agreement will be made only upon instructions by the company to the sales agents , and the company can not provide any assurances that it will issue any shares pursuant to the sales agreement . actual sales will depend on a variety of factors to be determined by the company from time to time , including ( among others ) market conditions , the trading price of the company 's common stock , capital needs and determinations by the company of the appropriate sources of funding for the company . the company is not obligated to make any sales of common stock under the sales agreement and the company can not provide any assurances that it will issue any shares pursuant to the sales agreement . the company will pay a commission rate of up to 3.5 % of the gross sales price per share sold and agreed to reimburse the sales agents for certain specified expenses , including the fees and disbursements of its legal counsel in an amount not to exceed $ 50,000 and have agreed to reimburse the sales agents an amount not to exceed $ 2,500 per quarter during the term of the sales agreement for legal fees to be incurred by the sales agents . the company has also agreed pursuant to the sales agreement to provide each sales agent with customary indemnification and contribution rights . the company believes that our cash and cash equivalent balance and the proceeds from the aforesaid securities purchase agreement will provide sufficient funds for us to continue our operations beyond october , 2021 and to be able to advance at least one of its drug candidates into human clinical trial stage with the available cash . the company estimates that it will need additional funding to continue further development of its drug candidates through later stages of human clinical trials if it does not form a collaborative licensing or partnership agreement with a party that would provide such funding such as big pharma . based on our current rate of expenditures and anticipated changes , we have estimated a total cash expenditure budget of approximately $ 16 million from october 2020 through october 2021 , of which approximately $ 12.0 million is expected to go towards research and development for our drug candidates , including ind-enabling studies and anticipated human critical trial of our antiviral treatment for covid ,

liquidity and capital reserves the company had cash and cash equivalents of $ 13,708,594 and $ 2,555,207 as of june 30 , 2020 and 2019 , respectively . on the same dates , current liabilities outstanding totaled $ 2,156,377 and $ 2,848,153 , respectively . as of june 30 , 2020 , the total current liabilities included a mortgage note payable-related party of $ 1,081,987 and loan payable of $ 62,843. as of june 30 , 2020 and 2019 , the derivative liability associated with its outstanding warrants was reported as a current liability of $ 0 and $ 1,645,606 , respectively . page 85 of 106 since inception , the company has expended substantial resources on research and development . consequently , we have sustained substantial losses . the company has an accumulated deficit of $ 105,563,124 and $ 92,116,586 at june 30 , 2020 and 2019 , respectively . the company anticipates several important milestones that it will be achieving in the ensuing year . management believes that as it achieves these milestones , the company 's ability to raise additional funds in the public markets would be enhanced . management believes that the company 's existing resources will be sufficient to fund the company 's planned operations and expenditures through october , 2021. however , the company can not provide assurance that its plans will not change or that changed circumstances will not result in the depletion of its capital resources more rapidly than it currently anticipates . the accompanying audited financial statements do not include any adjustments that may result from the outcome of such unidentified uncertainties . as of june 30 , 2020 , we have a cash and cash equivalent balance of $ 13,708,594 that is expected to be sufficient to fund our currently budgeted operations for more than one year from the filing of the company 's form 10k .


 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 reserves the company had cash and cash equivalents of $ 13,708,594 and $ 2,555,207 as of june 30 , 2020 and 2019 , respectively . on the same dates , current liabilities outstanding totaled $ 2,156,377 and $ 2,848,153 , respectively . as of june 30 , 2020 , the total current liabilities included a mortgage note payable-related party of $ 1,081,987 and loan payable of $ 62,843. as of june 30 , 2020 and 2019 , the derivative liability associated with its outstanding warrants was reported as a current liability of $ 0 and $ 1,645,606 , respectively . page 85 of 106 since inception , the company has expended substantial resources on research and development . consequently , we have sustained substantial losses . the company has an accumulated deficit of $ 105,563,124 and $ 92,116,586 at june 30 , 2020 and 2019 , respectively . the company anticipates several important milestones that it will be achieving in the ensuing year . management believes that as it achieves these milestones , the company 's ability to raise additional funds in the public markets would be enhanced . management believes that the company 's existing resources will be sufficient to fund the company 's planned operations and expenditures through october , 2021. however , the company can not provide assurance that its plans will not change or that changed circumstances will not result in the depletion of its capital resources more rapidly than it currently anticipates . the accompanying audited financial statements do not include any adjustments that may result from the outcome of such unidentified uncertainties . as of june 30 , 2020 , we have a cash and cash equivalent balance of $ 13,708,594 that is expected to be sufficient to fund our currently budgeted operations for more than one year from the filing of the company 's form 10k .
```    
 Suspicious Activity Report : we are seeking to add to our existing portfolio of products through our internal discovery pre-clinical development programs and through an in-licensing strategy . the licenses granted by theracour are for entire set of pathologies that the licensed virus is a causative agent for . the licenses are not for single drug/indication pairs , which is the customary mode of licensing in the pharmaceutical industry . thus these are very broad licenses and enable nanoviricides to pursue a number of indications as well as develop drug candidates with different characteristics as is best suited for the indications , without having to license the resulting drugs for each indication separately , as with normal pharmaceutical industry licensing . the company plans to develop several drugs through the preclinical studies and clinical trial phases with the goal of eventually obtaining approval from the united states food and drug administration ( “ fda ” ) and international regulatory agencies for these drugs . the company plans , when appropriate , to seek regulatory approvals in several international markets , including developed markets such as europe , japan , canada , australia , and emerging regions such as southeast asia , india , china , central and south america , as well as the african subcontinent . the seeking of these regulatory approvals would only come when and if one or more of our drugs have significantly advanced through the us fda and international regulatory process . if and as these advances occur , the company may attempt to partner with more established pharmaceutical companies to advance the various drugs through the approval process . the company intends to perform the regulatory filings and own all the regulatory licenses for the drugs it is currently developing . the company will develop these drugs in part via subcontracts to theracour , the exclusive source for these nanomaterials . the company may manufacture these drugs itself , or under subcontract arrangements with external manufacturers that carry the appropriate regulatory licenses and have appropriate capabilities . the company intends to distribute these drugs via subcontracts with distributor companies or in partnership arrangements . the company plans to market these drugs either on its own or in conjunction with marketing partners . the company also plans to actively pursue co-development , as well as other licensing agreements with other pharmaceutical companies . such agreements may entail up-front payments , milestone payments , royalties , and or cost sharing , profit sharing and many other instruments that may bring early revenues to the company . such licensing and or co-development agreements may shape the manufacturing and development options that the company may pursue . the company has received significant interest from certain pharmaceutical companies for potential licensing or co-development of some of our drug candidates . however , none of these distributor or co-development agreements is in place at the current time . there can be no assurance that the company will be able to develop effective nanoviricides , or if developed , that we will have sufficient resources to be able to successfully manufacture and market these products to commence revenue-generating operations . there can be no assurance that other developments in the field would not impact our business plan adversely . for example , successful creation and availability of an effective vaccine may reduce the potential market size for a particular viral disease , or an effective drug may be developed by competitors that becomes difficult to compete against with our limited resources . our goal , which we can give no assurance that we will achieve , is for nanoviricides , inc. to become the premier company developing highly safe and effective drugs that employ an integrated multiplicity of actions as enabled by our nanomedicine approach for anti-viral therapy . page 82 of 106 to date , we have engaged in organizational activities ; developing and sourcing compounds and preparing nano-materials ; and experimentation involving preclinical studies using cell cultures and animal models of efficacy and safety . we have generated funding through the issuances of debt and the sales of securities under our shelf registration and the private placement of common stock ( see , item 5 ) . the company does not currently have any long-term debt . we have not generated any revenues and we do not expect to generate revenues in the near future . we may not be successful in developing our drugs and start selling our products when planned , or we may not become profitable in the future . we have incurred net losses in each fiscal period since inception of our operations . current financial status nanoviricides technology is now maturing rapidly toward clinical drug trials , with the new facility , expanded staff , and the financial strength that we have attained since uplisting to nyse-mkt ( now nyse american ) in september 2013. as of june 30 , 2020 , the end of the reporting period , we have $ 13,708,594 in cash and cash equivalents , prepaid expenses of $ 277,063 and $ 9,544,431 of property and equipment , net of accumulated depreciation . our liabilities are $ 2,156,377 including a short term mortgage loan of $ 1,081,987 payable to dr. diwan , accounts payable of $ 380,727 payable to third parties and accounts payable to theracour of $ 561,580 of which $ 300,000 of such accounts payable is deferred until the filing of an ind . stockholders ' equity was $ 21,757,962 at june 30 , 2020. in comparison , as of june 30 , 2019 , we had $ 2,555,207 in cash and cash equivalents , prepaid expenses of $ 270,214 and property and equipment was $ 10,227,247 , net of accumulated depreciation . story_separator_special_tag the may offering closed on may 22 , 2020. with these financings and continued control of expenditures , the company ended the current fiscal year with approximately $ 13.7 million in cash and cash equivalents , and $ 9.5 million in property and equipment , net of accumulated depreciation . as of june 30 , 2020 , the company had a mortgage note payable-related party of approximately $ 1.1 million and a loan payable of approximately $ 60,000 that will mature on december 15 , 2020. page 87 of 106 on july 8 , 2020 , subsequent to the date of the reporting period , the company entered into an underwriting agreement ( the “ underwriting agreement ” ) with kingswood capital markets , a division of benchmark investments , inc. ( “ kingswood ” ) . the offering was consummated on july 10 , 2020 , whereby the company sold 1,369,863 shares of common stock and a fully exercised underwriters ' over-allotment option of 205,479 additional shares the public offering price of $ 7.30 per share . no warrants were issued in this offering . the net proceeds to the company from the offering was approximately $ 10.53 million after deducting underwriting discounts and commissions and other estimated offering expenses payable by the company . the company thus believes that it is in a strong financial position now and can undertake the covid-19 clinical program , and also , when opportune , reengage the nv-hhv-101 clinical program . the company also believes that additional non-dilutive financing will be available under the covid-19 program upon advancing it further toward or into human clinical trials . the company also believes that due to the pandemic , it will be possible to rapidly take our anti-coronavirus drug into human clinical trials under the covid-19 regulatory pathways of the us fda . requirement for additional capital as of june 30 , 2020 , we had a cash and cash equivalent balance of $ 13,708,594 that is expected to be sufficient to fund our currently budgeted operations for more than one year from the filing of the company 's form 10-k. on july 8 , 2020 , subsequent to the date of the reporting period , the company entered into an underwriting agreement ( the “ underwriting agreement ” ) with kingswood capital markets , a division of benchmark investments , inc. ( “ kingswood ” ) . the offering was consummated on july 10 , 2020 , whereby the company sold 1,369,863 shares of common stock and a fully exercised underwriters ' over-allotment option of 205,479 additional shares the public offering price of $ 7.30 per share . no warrants were issued in this offering . the net proceeds to the company from the offering was approximately $ 10.53 million after deducting underwriting discounts and commissions and other estimated offering expenses payable by the company . on july 31 , 2020 , the company entered into an at market issuance sales agreement ( the “ sales agreement ” ) with b. riley securities , inc. and kingswood capital markets , a division of benchmark investments , inc. ( each a “ sales agent ” and collectively , the “ sales agents ” ) , pursuant to which the company may offer and sell , from time to time , through or to the sales agents , shares of common stock ( the “ placement shares ” ) , having an aggregate offering price of up to $ 50 million ( the “ atm offering ” ) . sales pursuant to the sales agreement will be made only upon instructions by the company to the sales agents , and the company can not provide any assurances that it will issue any shares pursuant to the sales agreement . actual sales will depend on a variety of factors to be determined by the company from time to time , including ( among others ) market conditions , the trading price of the company 's common stock , capital needs and determinations by the company of the appropriate sources of funding for the company . the company is not obligated to make any sales of common stock under the sales agreement and the company can not provide any assurances that it will issue any shares pursuant to the sales agreement . the company will pay a commission rate of up to 3.5 % of the gross sales price per share sold and agreed to reimburse the sales agents for certain specified expenses , including the fees and disbursements of its legal counsel in an amount not to exceed $ 50,000 and have agreed to reimburse the sales agents an amount not to exceed $ 2,500 per quarter during the term of the sales agreement for legal fees to be incurred by the sales agents . the company has also agreed pursuant to the sales agreement to provide each sales agent with customary indemnification and contribution rights . the company believes that our cash and cash equivalent balance and the proceeds from the aforesaid securities purchase agreement will provide sufficient funds for us to continue our operations beyond october , 2021 and to be able to advance at least one of its drug candidates into human clinical trial stage with the available cash . the company estimates that it will need additional funding to continue further development of its drug candidates through later stages of human clinical trials if it does not form a collaborative licensing or partnership agreement with a party that would provide such funding such as big pharma . based on our current rate of expenditures and anticipated changes , we have estimated a total cash expenditure budget of approximately $ 16 million from october 2020 through october 2021 , of which approximately $ 12.0 million is expected to go towards research and development for our drug candidates , including ind-enabling studies and anticipated human critical trial of our antiviral treatment for covid ,

