we have incurred losses in each year since our inception . our net losses were $ 41.1 million and $ 29.8 million for the years ended december 31 , 2020 and 2019 , respectively . as of december 31 , 2020 , we had an accumulated deficit of $ 143.7 million . we expect to continue to incur significant expenses and operating losses as we : expand our sales and marketing efforts to further commercialize our products ; continue research and development efforts to improve our existing products ; hire additional personnel ; enter into collaboration arrangements , if any ; add operational , financial and management information systems ; and incur increased costs as a result of operating as a public company . covid-19 we are subject to additional risks and uncertainties as a result of the continued spread of covid-19 and uncertain market conditions , which could continue to have a material impact on our business and financial results . the company closely monitors and complies with various applicable guidelines and legal requirements in the jurisdictions in which it operates , which may continue to result in reduced business operations in response to new or existing stay-at-home orders , travel restrictions and other social distancing measures . our manufacturing partners , suppliers , and customers , have implemented similar operational reductions . this overall reduction in activity has contributed to a decrease in sales which has negatively impacted the company 's 2020 financial results . the future effects of covid-19 are unknown and the company 's financial results may continue to be negatively affected in the future . there may be long-term negative effects of the covid-19 pandemic , even after it has subsided . specifically , product demand may be reduced due to an economic recession , a decrease in corporate capital expenditures , prolonged unemployment , reduction in consumer confidence , or any similar negative economic condition . these negative effects could have a material impact on our operations , business , earnings , and liquidity . initial public offering in august 2018 , we completed our initial public offering of our common stock , or the ipo , in which we sold an aggregate of 3,864,000 units ( each unit consisting of one share of our common stock and one warrant to purchase one share of our common stock ) at a public offering price of $ 6.125 per unit for net proceeds of $ 19.4 million , after deducting underwriters ' discounts and commissions of $ 2.2 million and other offering expenses of $ 2.1 million . follow-on public offerings in october 2019 , we completed an underwritten public offering of 10,014,000 shares of our common stock and , to certain investors , pre-funded warrants to purchase 10,924,000 shares of our common stock , and accompanying common warrants to purchase 63 up to an aggregate of 20,938,000 shares of our common stock . each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase one share of common stock . the public offering price of each share of common stock and accompanying common warrant was $ 0.86 and $ 0.859 , respectively . the pre-funded warrants are immediately exercisable at a price of $ 0.001 per share of common stock . the common warrants are immediately exercisable at a price of $ 0.86 per share of common stock and will expire five years from the date of issuance . the shares of common stock and pre-funded warrants , and the accompanying common warrants , were issued separately and were immediately separable upon issuance . we received gross proceeds , before deducting underwriting discounts and commissions and other offering expenses , of $ 18.0 million . in april 2020 , we completed an underwritten public offering of 16,896,000 shares of our common stock and , to certain investors , pre-funded warrants to purchase 37,650,000 shares of our common stock , and accompanying common warrants to purchase up to an aggregate of 54,546,000 shares of our common stock . each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase one share of common stock . the public offering price of each share of common stock and accompanying common warrant was $ 0.33 and $ 0.329 for each pre-funded warrant . the pre-funded warrants are immediately exercisable at a price of $ 0.001 per share of common stock . the common warrants are immediately exercisable at a price of $ 0.33 per share of common stock and will expire five years from the date of issuance . the shares of common stock and pre-funded warrants , and the accompanying common warrants , were issued separately and were immediately separable upon issuance . we received gross proceeds , before deducting underwriting discounts and commissions and other offering expenses , of $ 18.0 million . on january 12 , 2021 , we completed an underwritten public offering of 33,368,851 shares of our common stock , including 4,352,458 shares of our common stock sold pursuant to the underwriters ' exercise in full of their option to purchase additional shares . the price to the public in the offering was $ 3.05 per share and the underwriters purchased the shares from us pursuant to the underwriting agreement at a price of $ 2.867 per share . the gross proceeds to us were approximately $ 101.8 million before deducting underwriting discounts and commissions and other offering expenses . story_separator_special_tag contract liabilities are classified as other current liabilities and other long-term liabilities on the consolidated balance sheets . we recognized revenue of $ 357,492 and $ 270,171 during the years ended december 31 , 2020 and 2019 , respectively , which was included in the contract liability balance at the end of the previous year . distributor transactions in certain markets , we sell products and provide services to customers through distributors that specialize in life sciences products . in cases where the product is delivered to a distributor , revenue recognition generally occurs when title transfers to the distributor . the terms of sales transactions through distributors are generally consistent with the terms of direct sales to customers and do not contain return rights . distributor sales transactions typically differ from direct customer sales as they do not require our services to install the instrument at the end customer or perform the services for the customer that are beyond our standard warranty in the first year following the sale . these transactions are accounted for in accordance with our revenue recognition policy described herein . stock-based compensation expense we recognize compensation expense for employees based on an estimated grant date fair value using the black-scholes option-pricing method . we have elected to account for forfeitures as they occur . the inputs for the black-scholes valuation model require management 's significant assumptions . the common share price was determined by using the quoted price on the grant date . the risk-free interest rates were based on the rate for u.s. treasury securities at the date of grant with maturity dates approximately equal to the expected life at the grant date . the expected life was based on the simplified method in accordance with the sec staff accounting bulletin nos . 107 and 110. the expected volatility was estimated based on historical volatility information of peer companies that are publicly available . goodwill impairment we review goodwill annually at the reporting unit level at the same time every year or when an event occurs or circumstances change such that it is reasonably possible that an impairment may exist . we have established december 31 as the annual impairment test date . we first make a qualitative assessment as to whether goodwill is impaired and if it is more likely than not that goodwill is impaired , we perform a quantitative impairment analysis to determine if goodwill is impaired . we may also determine to skip the qualitative assessment in any year and move directly to the quantitative test . for the quantitative test , we determine the fair value of the reporting unit , then compare the fair value of the reporting unit to its carrying value . goodwill impairment is recorded for any excess of a reporting unit 's carrying amount over its fair value , not to exceed the total amount of goodwill allocated to the reporting unit . the determination of fair value requires a number of significant assumptions and judgments , including assumptions about future economic conditions , revenue growth , operating margins , and discount rates . 70 we have determined that the company is a single reporting unit for purposes of goodwill impairment testing . as of december 31 , 2020 , we performed a qualitative assessment of goodwill impairment which included an evaluation of changes in industry , market and macroeconomic conditions as well as consideration of our financial performance and any significant trends . our qualitative assessment indicated that it was not more likely that not that goodwill is impaired . no impairments of goodwill were reported during the years ended december 31 , 2020 and 2019. business combinations we apply the provisions of asc 805 , business combinations , in accounting for acquisitions . it requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at the acquisition date fair values . goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed . while we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as any contingent consideration , where applicable , our estimates are inherently uncertain and subject to refinement . as a result , during the measurement period , which may be up to one year from the acquisition date , we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill . upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed , whichever comes first , any subsequent adjustments are required to be recorded to our consolidated statements of operations . accounting for business combinations requires management to make significant estimates and assumptions , especially at the acquisition date , including estimates for intangible assets , contractual obligations assumed , pre-acquisition contingencies and any contingent consideration , where applicable . although we believe that the assumptions and estimates we have made in the past have been reasonable and appropriate , they are based in part on historical experience and information obtained from management of the acquired company and are inherently uncertain . jobs act we are an “ emerging growth company , ” as defined in the jumpstart our business startups act , or jobs act . under the jobs act , an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards . this provision allows an emerging growth company to delay the adoption of new or revised accounting standards that have different transition dates for public and private companies until those standards would otherwise apply to private companies . we have elected to use this extended transition period . as a result of this election , our timeline to comply with these standards will in many

liquidity and capital resources since our inception , we have incurred net losses and negative cash flows from operations . we incurred net losses of $ 41.1 million , and $ 29.8 million , and used $ 38.3 million and $ 29.5 million of cash from our operating activities for the years ended december 31 , 2020 and 2019 , respectively . as of december 31 , 2020 , we had an accumulated deficit of $ 143.7 million and cash and cash equivalents of $ 38.4 million . sources of liquidity since our ipo , we have generated cash flows from sales of common stock and other equity instruments . we anticipate that future sources of liquidity will principally come from sales of common stock and other equity instruments , borrowings from credit facilities and revenue from our commercial operations . see note 9 to our consolidated financial statements for a discussion of our recent equity activity and note 8 to our consolidated financial statements for a discussion of terms and provisions of our debt included in this annual report on form 10-k for more information . cash flows we derive cash flows from operations primarily from the sale of our products and services . our cash flows from operating activities are also significantly influenced by our use of cash for operating expenses to support the growth of our business . we have historically experienced negative cash flows from operating activities as we have developed our technology , expanded our business and built our infrastructure and this may continue in the future .


 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 since our inception , we have incurred net losses and negative cash flows from operations . we incurred net losses of $ 41.1 million , and $ 29.8 million , and used $ 38.3 million and $ 29.5 million of cash from our operating activities for the years ended december 31 , 2020 and 2019 , respectively . as of december 31 , 2020 , we had an accumulated deficit of $ 143.7 million and cash and cash equivalents of $ 38.4 million . sources of liquidity since our ipo , we have generated cash flows from sales of common stock and other equity instruments . we anticipate that future sources of liquidity will principally come from sales of common stock and other equity instruments , borrowings from credit facilities and revenue from our commercial operations . see note 9 to our consolidated financial statements for a discussion of our recent equity activity and note 8 to our consolidated financial statements for a discussion of terms and provisions of our debt included in this annual report on form 10-k for more information . cash flows we derive cash flows from operations primarily from the sale of our products and services . our cash flows from operating activities are also significantly influenced by our use of cash for operating expenses to support the growth of our business . we have historically experienced negative cash flows from operating activities as we have developed our technology , expanded our business and built our infrastructure and this may continue in the future .
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 Suspicious Activity Report : we have incurred losses in each year since our inception . our net losses were $ 41.1 million and $ 29.8 million for the years ended december 31 , 2020 and 2019 , respectively . as of december 31 , 2020 , we had an accumulated deficit of $ 143.7 million . we expect to continue to incur significant expenses and operating losses as we : expand our sales and marketing efforts to further commercialize our products ; continue research and development efforts to improve our existing products ; hire additional personnel ; enter into collaboration arrangements , if any ; add operational , financial and management information systems ; and incur increased costs as a result of operating as a public company . covid-19 we are subject to additional risks and uncertainties as a result of the continued spread of covid-19 and uncertain market conditions , which could continue to have a material impact on our business and financial results . the company closely monitors and complies with various applicable guidelines and legal requirements in the jurisdictions in which it operates , which may continue to result in reduced business operations in response to new or existing stay-at-home orders , travel restrictions and other social distancing measures . our manufacturing partners , suppliers , and customers , have implemented similar operational reductions . this overall reduction in activity has contributed to a decrease in sales which has negatively impacted the company 's 2020 financial results . the future effects of covid-19 are unknown and the company 's financial results may continue to be negatively affected in the future . there may be long-term negative effects of the covid-19 pandemic , even after it has subsided . specifically , product demand may be reduced due to an economic recession , a decrease in corporate capital expenditures , prolonged unemployment , reduction in consumer confidence , or any similar negative economic condition . these negative effects could have a material impact on our operations , business , earnings , and liquidity . initial public offering in august 2018 , we completed our initial public offering of our common stock , or the ipo , in which we sold an aggregate of 3,864,000 units ( each unit consisting of one share of our common stock and one warrant to purchase one share of our common stock ) at a public offering price of $ 6.125 per unit for net proceeds of $ 19.4 million , after deducting underwriters ' discounts and commissions of $ 2.2 million and other offering expenses of $ 2.1 million . follow-on public offerings in october 2019 , we completed an underwritten public offering of 10,014,000 shares of our common stock and , to certain investors , pre-funded warrants to purchase 10,924,000 shares of our common stock , and accompanying common warrants to purchase 63 up to an aggregate of 20,938,000 shares of our common stock . each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase one share of common stock . the public offering price of each share of common stock and accompanying common warrant was $ 0.86 and $ 0.859 , respectively . the pre-funded warrants are immediately exercisable at a price of $ 0.001 per share of common stock . the common warrants are immediately exercisable at a price of $ 0.86 per share of common stock and will expire five years from the date of issuance . the shares of common stock and pre-funded warrants , and the accompanying common warrants , were issued separately and were immediately separable upon issuance . we received gross proceeds , before deducting underwriting discounts and commissions and other offering expenses , of $ 18.0 million . in april 2020 , we completed an underwritten public offering of 16,896,000 shares of our common stock and , to certain investors , pre-funded warrants to purchase 37,650,000 shares of our common stock , and accompanying common warrants to purchase up to an aggregate of 54,546,000 shares of our common stock . each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase one share of common stock . the public offering price of each share of common stock and accompanying common warrant was $ 0.33 and $ 0.329 for each pre-funded warrant . the pre-funded warrants are immediately exercisable at a price of $ 0.001 per share of common stock . the common warrants are immediately exercisable at a price of $ 0.33 per share of common stock and will expire five years from the date of issuance . the shares of common stock and pre-funded warrants , and the accompanying common warrants , were issued separately and were immediately separable upon issuance . we received gross proceeds , before deducting underwriting discounts and commissions and other offering expenses , of $ 18.0 million . on january 12 , 2021 , we completed an underwritten public offering of 33,368,851 shares of our common stock , including 4,352,458 shares of our common stock sold pursuant to the underwriters ' exercise in full of their option to purchase additional shares . the price to the public in the offering was $ 3.05 per share and the underwriters purchased the shares from us pursuant to the underwriting agreement at a price of $ 2.867 per share . the gross proceeds to us were approximately $ 101.8 million before deducting underwriting discounts and commissions and other offering expenses . story_separator_special_tag contract liabilities are classified as other current liabilities and other long-term liabilities on the consolidated balance sheets . we recognized revenue of $ 357,492 and $ 270,171 during the years ended december 31 , 2020 and 2019 , respectively , which was included in the contract liability balance at the end of the previous year . distributor transactions in certain markets , we sell products and provide services to customers through distributors that specialize in life sciences products . in cases where the product is delivered to a distributor , revenue recognition generally occurs when title transfers to the distributor . the terms of sales transactions through distributors are generally consistent with the terms of direct sales to customers and do not contain return rights . distributor sales transactions typically differ from direct customer sales as they do not require our services to install the instrument at the end customer or perform the services for the customer that are beyond our standard warranty in the first year following the sale . these transactions are accounted for in accordance with our revenue recognition policy described herein . stock-based compensation expense we recognize compensation expense for employees based on an estimated grant date fair value using the black-scholes option-pricing method . we have elected to account for forfeitures as they occur . the inputs for the black-scholes valuation model require management 's significant assumptions . the common share price was determined by using the quoted price on the grant date . the risk-free interest rates were based on the rate for u.s. treasury securities at the date of grant with maturity dates approximately equal to the expected life at the grant date . the expected life was based on the simplified method in accordance with the sec staff accounting bulletin nos . 107 and 110. the expected volatility was estimated based on historical volatility information of peer companies that are publicly available . goodwill impairment we review goodwill annually at the reporting unit level at the same time every year or when an event occurs or circumstances change such that it is reasonably possible that an impairment may exist . we have established december 31 as the annual impairment test date . we first make a qualitative assessment as to whether goodwill is impaired and if it is more likely than not that goodwill is impaired , we perform a quantitative impairment analysis to determine if goodwill is impaired . we may also determine to skip the qualitative assessment in any year and move directly to the quantitative test . for the quantitative test , we determine the fair value of the reporting unit , then compare the fair value of the reporting unit to its carrying value . goodwill impairment is recorded for any excess of a reporting unit 's carrying amount over its fair value , not to exceed the total amount of goodwill allocated to the reporting unit . the determination of fair value requires a number of significant assumptions and judgments , including assumptions about future economic conditions , revenue growth , operating margins , and discount rates . 70 we have determined that the company is a single reporting unit for purposes of goodwill impairment testing . as of december 31 , 2020 , we performed a qualitative assessment of goodwill impairment which included an evaluation of changes in industry , market and macroeconomic conditions as well as consideration of our financial performance and any significant trends . our qualitative assessment indicated that it was not more likely that not that goodwill is impaired . no impairments of goodwill were reported during the years ended december 31 , 2020 and 2019. business combinations we apply the provisions of asc 805 , business combinations , in accounting for acquisitions . it requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at the acquisition date fair values . goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed . while we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as any contingent consideration , where applicable , our estimates are inherently uncertain and subject to refinement . as a result , during the measurement period , which may be up to one year from the acquisition date , we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill . upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed , whichever comes first , any subsequent adjustments are required to be recorded to our consolidated statements of operations . accounting for business combinations requires management to make significant estimates and assumptions , especially at the acquisition date , including estimates for intangible assets , contractual obligations assumed , pre-acquisition contingencies and any contingent consideration , where applicable . although we believe that the assumptions and estimates we have made in the past have been reasonable and appropriate , they are based in part on historical experience and information obtained from management of the acquired company and are inherently uncertain . jobs act we are an “ emerging growth company , ” as defined in the jumpstart our business startups act , or jobs act . under the jobs act , an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards . this provision allows an emerging growth company to delay the adoption of new or revised accounting standards that have different transition dates for public and private companies until those standards would otherwise apply to private companies . we have elected to use this extended transition period . as a result of this election , our timeline to comply with these standards will in many

