we intend to retain ownership of our designs , and we expect to be compensated through license fees and royalties based on sales of rf front-end filters that incorporate our designs . we currently do not intend to manufacture or sell any physical products or operate as a contract design company developing designs for a fee . we anticipate a significant delay between the start of a design and the start of royalty payments under a particular license . in some cases , we may grant the customer a limited period of exclusivity on a specific design or frequency band to enable the customer to be the first to market with the design . we do not expect any of these exclusivity provisions to have any long-term duration nor prevent us from concurrently working on filter designs in other bands for other customers . we plan to pursue filter design projects with potential customers and other strategic partners . these types of arrangements may subsidize filter design costs , as well as offer complementary technology and market intelligence . however , we intend to retain ownership of our technology , designs and related improvements . our goal is to establish and leverage alliances with new customers , who will help grow the market for our designs by integrating them with their own proprietary technology and products , thus combining their own particular strengths with ours to provide an extensive array of solutions . we are using the net proceeds from our ipo for product development to commercialize our technology , research and development , the development of our patent strategy and expansion of our patent portfolio , as well as for working capital and other general corporate purposes . our anticipated costs include employee salaries and benefits , compensation paid to consultants , capital costs for research and other equipment , costs associated with development activities including travel and administration , legal expenses , sales and marketing costs , general and administrative expenses , and other costs associated with 28 a late-stage , publicly-traded technology company . however , this is highly dependent on the nature of our development efforts and our success in commercialization . we anticipate adding employees for research and development , as well as general and administrative functions , to support our efforts . we expect to incur consulting expenses related to technology development and other efforts as well as legal and related expenses to protect our intellectual property . the amounts that we actually spend for any specific purpose may vary significantly and will depend on a number of factors including , but not limited to , our expected cash resources , the pace of progress of our commercialization and development efforts , actual needs with respect to product testing , development and research , market conditions , and changes in or revisions to our marketing strategies . in addition , we may invest in complementary products , technologies or businesses . we have earned no revenue since inception , and our operations have been funded with the initial capital contributions , proceeds from the sale of equity securities and debt . we have incurred accumulated losses totaling $ 30.9 million from inception through december 31 , 2015 . these losses are primarily the result of research and development costs associated with commercializing our technology , combined with start-up and operating costs including those related to financings and being a public company . we expect to continue to incur substantial costs for commercialization of our technology on a continuous basis because our business model involves developing and licensing custom filter designs . our principal sources of liquidity as of december 31 , 2015 consist of existing cash balances and investments of $ 5.5 million . currently , we are using approximately $ 2.3 million in cash per quarter in operating activities excluding fixed asset purchases and investments in patents . due to these conditions , substantial doubt exists as to our ability to continue as a going concern . we believe our current resources will provide sufficient funding for planned operations through the second quarter of 2016. we have determined that additional capital from the sale of equity securities or the incurrence of indebtedness will be required for us to continue operations beyond the second quarter of 2016. we are in discussions with potential investors to provide us with equity funding . we also continue to have discussions with potential lenders , potential customers and or strategic corporate partners that may provide funding to us through debt instruments or the licensing of future filter designs or development projects . there can be no assurance that additional financing will be available to us on acceptable terms , or at all . additionally , if we issue additional equity securities to raise funds , whether to potential customers or other investors , the ownership percentage of our existing stockholders would be reduced . new investors may demand rights , preferences or privileges senior to those of existing holders of common stock . additionally , we may be limited as to the amount of funds we can raise pursuant to the continued listing requirements of nasdaq . if we can not raise needed funds , we might be forced to make substantial reductions in our operating expenses , which could adversely affect our ability to implement our business plan and ultimately our viability as a company . results of operations comparison of the years ended december 31 , 2014 and 2015 research and development . research and development expenses consist of the direct engineering and other costs associated with the development and commercialization of our technology , including the development of filter designs for our customers . these consist primarily of the cost of employees and consultants , and to a lesser extent costs for equipment , software and supplies . story_separator_special_tag a valuation allowance related to a deferred tax asset is recorded when it is more likely than not that some portion or the entire deferred tax asset will not be realized . as part of the process of preparing our consolidated financial statements , we are required to estimate our income tax expense in each of the jurisdictions in which we operate . we also assess temporary differences resulting from differing treatment of items for tax and accounting differences . we record a valuation allowance to reduce the deferred tax assets to the amount of future tax benefit that is more likely than not to be realized . for the period when we were organized as a limited liability company , we were treated as a partnership for federal and state income tax purposes under the entity classification domestic default rules . as of december 31 , 2014 and 2015 , no liability for unrecognized tax benefits was required to be reported . we recognize interest and penalties related to income tax matters in income taxes , and there were none for the years ended december 31 , 2014 and december 31 , 2015 . 33 we have filed , or are in the process of filing , tax returns that are subject to audit by the respective tax authorities . although the ultimate outcome would be unknown , we believe that any adjustments that may result from tax return audits are not likely to have a material , adverse effect on our consolidated results of operations , financial position or cash flows . effective november 2015 , the fasb issued final guidance in accounting standards update 2015-17 , balance sheet classification of deferred taxes , which requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts . the guidance is effective for financial statements issued for annual periods beginning after december 15 , 2016 , and interim periods within those annual periods . early adoption is permitted for all companies in any interim or annual period , and may be adopted on either a prospective or retrospective basis . we have adopted this standard for the interim and annual period ending december 31 , 2015 on a prospective basis . earnings per share , or eps —eps is computed in accordance with asc topic 260 , earnings per share , and is calculated using the weighted average number of common shares outstanding during each period . diluted eps assumes the conversion , exercise or issuance of all potential common stock equivalents unless the effect is to reduce a loss or increase the income per share . potential common shares consist of the incremental common shares issuable upon the exercise of stock options ( using the treasury stock method ) , the exercise and or conversion of our convertible notes and warrants ( using the if-converted method ) . recently issued and adopted accounting pronouncements presentation of financial statements—going concern —this new guidance formally establishes management 's responsibility to evaluate at each reporting period whether there is substantial doubt about the entity 's ability to continue as a going concern for a period of one year after the date the financial statements are issued , and to provide related footnote disclosures . asu no . 2014-15 is effective for annual reporting periods ending after december 15 , 2016 , and for interim and annual periods thereafter and early adoption is permitted . we have not early adopted and when adopted we do not expect it to have a material impact on our consolidated financial statements . we will continue to evaluate the effect on a going forward basis . simplifying the presentation of debt issuance costs —in april 2015 , the fasb issued asu no . 2015-03 , which requires that debt issuance costs be presented not as an asset but as a reduction of the carrying amount of the related debt liability , similar to a debt discount . asu no . 2015-03 is effective for annual periods beginning after december 15 , 2015 , and interim periods within those annual periods , with early adoption permitted . we will adopt asu no . 2015-03 on january 1 , 2016 , and such adoption is not expected to have a material impact on our consolidated financial statements as we do not have any outstanding debt . revenue from contracts with customers —in july 2015 , the fasb voted to approve a one-year delay of the effective date of asu no . 2014-09 , which replaces the majority of all u.s. gaap guidance that currently exists on revenue recognition with a single model to be applied to all contracts with customers . the core principle of asu 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services . asu 2014-09 is effective for annual reporting periods beginning after december 15 , 2017 , including interim periods within that reporting period . early application is not permitted . an entity must apply asu 2014-09 using either the full retrospective approach , by restating all years presented , or the cumulative effect at the date of adoption approach . there is no impact that these changes will have on our consolidated financial statements as we have not recorded revenue yet . balance sheet classification of deferred taxes— in november 2015 , fasb issued final guidance in asu 2015-17 , which requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts . the guidance is effective for financial statements issued for annual periods beginning after december 15 , 2016 , and interim periods within those annual periods . early adoption

liquidity and capital resources financing activities we have earned no revenue since inception . our operations have been funded with capital contributions , debt and equity . we began operations in july 2012 with initial capital contributions from our founders and sti . the founders contributed $ 200,000 and agreed to work full-time without pay until we secured adequate funding . sti contributed a patent portfolio , software , equipment , temporary office space and an early version of our first development agreement . the founders received class b units in resonant llc , but later exchanged their class b units for common stock of resonant inc. sti received class c units in resonant llc , but later exchanged its class c units for the $ 2.4 million subordinated convertible note of resonant inc. our founders provided $ 200,000 of bridge loans during the first and second quarters of 2013. we raised $ 6.3 million of net proceeds from the sale of senior convertible notes in june 2013 , and we used part of the proceeds to repay the bridge loans to our founders . in june 2014 , we sold 3,105,000 shares of common stock in an ipo generating net proceeds of $ 16.2 million . we had current assets of $ 5.6 million and current liabilities of $ 1.1 million at december 31 , 2015 , resulting in working capital of $ 4.5 million . this compares to working capital of $ 13.2 million at december 31 , 2014. the change in working capital is primarily the result of the use of cash in our normal business operations . our principal sources of liquidity as of december 31 , 2015 consist of existing cash balances and investments of $ 5.5 million .


 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 financing activities we have earned no revenue since inception . our operations have been funded with capital contributions , debt and equity . we began operations in july 2012 with initial capital contributions from our founders and sti . the founders contributed $ 200,000 and agreed to work full-time without pay until we secured adequate funding . sti contributed a patent portfolio , software , equipment , temporary office space and an early version of our first development agreement . the founders received class b units in resonant llc , but later exchanged their class b units for common stock of resonant inc. sti received class c units in resonant llc , but later exchanged its class c units for the $ 2.4 million subordinated convertible note of resonant inc. our founders provided $ 200,000 of bridge loans during the first and second quarters of 2013. we raised $ 6.3 million of net proceeds from the sale of senior convertible notes in june 2013 , and we used part of the proceeds to repay the bridge loans to our founders . in june 2014 , we sold 3,105,000 shares of common stock in an ipo generating net proceeds of $ 16.2 million . we had current assets of $ 5.6 million and current liabilities of $ 1.1 million at december 31 , 2015 , resulting in working capital of $ 4.5 million . this compares to working capital of $ 13.2 million at december 31 , 2014. the change in working capital is primarily the result of the use of cash in our normal business operations . our principal sources of liquidity as of december 31 , 2015 consist of existing cash balances and investments of $ 5.5 million .
```    
 Suspicious Activity Report : we intend to retain ownership of our designs , and we expect to be compensated through license fees and royalties based on sales of rf front-end filters that incorporate our designs . we currently do not intend to manufacture or sell any physical products or operate as a contract design company developing designs for a fee . we anticipate a significant delay between the start of a design and the start of royalty payments under a particular license . in some cases , we may grant the customer a limited period of exclusivity on a specific design or frequency band to enable the customer to be the first to market with the design . we do not expect any of these exclusivity provisions to have any long-term duration nor prevent us from concurrently working on filter designs in other bands for other customers . we plan to pursue filter design projects with potential customers and other strategic partners . these types of arrangements may subsidize filter design costs , as well as offer complementary technology and market intelligence . however , we intend to retain ownership of our technology , designs and related improvements . our goal is to establish and leverage alliances with new customers , who will help grow the market for our designs by integrating them with their own proprietary technology and products , thus combining their own particular strengths with ours to provide an extensive array of solutions . we are using the net proceeds from our ipo for product development to commercialize our technology , research and development , the development of our patent strategy and expansion of our patent portfolio , as well as for working capital and other general corporate purposes . our anticipated costs include employee salaries and benefits , compensation paid to consultants , capital costs for research and other equipment , costs associated with development activities including travel and administration , legal expenses , sales and marketing costs , general and administrative expenses , and other costs associated with 28 a late-stage , publicly-traded technology company . however , this is highly dependent on the nature of our development efforts and our success in commercialization . we anticipate adding employees for research and development , as well as general and administrative functions , to support our efforts . we expect to incur consulting expenses related to technology development and other efforts as well as legal and related expenses to protect our intellectual property . the amounts that we actually spend for any specific purpose may vary significantly and will depend on a number of factors including , but not limited to , our expected cash resources , the pace of progress of our commercialization and development efforts , actual needs with respect to product testing , development and research , market conditions , and changes in or revisions to our marketing strategies . in addition , we may invest in complementary products , technologies or businesses . we have earned no revenue since inception , and our operations have been funded with the initial capital contributions , proceeds from the sale of equity securities and debt . we have incurred accumulated losses totaling $ 30.9 million from inception through december 31 , 2015 . these losses are primarily the result of research and development costs associated with commercializing our technology , combined with start-up and operating costs including those related to financings and being a public company . we expect to continue to incur substantial costs for commercialization of our technology on a continuous basis because our business model involves developing and licensing custom filter designs . our principal sources of liquidity as of december 31 , 2015 consist of existing cash balances and investments of $ 5.5 million . currently , we are using approximately $ 2.3 million in cash per quarter in operating activities excluding fixed asset purchases and investments in patents . due to these conditions , substantial doubt exists as to our ability to continue as a going concern . we believe our current resources will provide sufficient funding for planned operations through the second quarter of 2016. we have determined that additional capital from the sale of equity securities or the incurrence of indebtedness will be required for us to continue operations beyond the second quarter of 2016. we are in discussions with potential investors to provide us with equity funding . we also continue to have discussions with potential lenders , potential customers and or strategic corporate partners that may provide funding to us through debt instruments or the licensing of future filter designs or development projects . there can be no assurance that additional financing will be available to us on acceptable terms , or at all . additionally , if we issue additional equity securities to raise funds , whether to potential customers or other investors , the ownership percentage of our existing stockholders would be reduced . new investors may demand rights , preferences or privileges senior to those of existing holders of common stock . additionally , we may be limited as to the amount of funds we can raise pursuant to the continued listing requirements of nasdaq . if we can not raise needed funds , we might be forced to make substantial reductions in our operating expenses , which could adversely affect our ability to implement our business plan and ultimately our viability as a company . results of operations comparison of the years ended december 31 , 2014 and 2015 research and development . research and development expenses consist of the direct engineering and other costs associated with the development and commercialization of our technology , including the development of filter designs for our customers . these consist primarily of the cost of employees and consultants , and to a lesser extent costs for equipment , software and supplies . story_separator_special_tag a valuation allowance related to a deferred tax asset is recorded when it is more likely than not that some portion or the entire deferred tax asset will not be realized . as part of the process of preparing our consolidated financial statements , we are required to estimate our income tax expense in each of the jurisdictions in which we operate . we also assess temporary differences resulting from differing treatment of items for tax and accounting differences . we record a valuation allowance to reduce the deferred tax assets to the amount of future tax benefit that is more likely than not to be realized . for the period when we were organized as a limited liability company , we were treated as a partnership for federal and state income tax purposes under the entity classification domestic default rules . as of december 31 , 2014 and 2015 , no liability for unrecognized tax benefits was required to be reported . we recognize interest and penalties related to income tax matters in income taxes , and there were none for the years ended december 31 , 2014 and december 31 , 2015 . 33 we have filed , or are in the process of filing , tax returns that are subject to audit by the respective tax authorities . although the ultimate outcome would be unknown , we believe that any adjustments that may result from tax return audits are not likely to have a material , adverse effect on our consolidated results of operations , financial position or cash flows . effective november 2015 , the fasb issued final guidance in accounting standards update 2015-17 , balance sheet classification of deferred taxes , which requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts . the guidance is effective for financial statements issued for annual periods beginning after december 15 , 2016 , and interim periods within those annual periods . early adoption is permitted for all companies in any interim or annual period , and may be adopted on either a prospective or retrospective basis . we have adopted this standard for the interim and annual period ending december 31 , 2015 on a prospective basis . earnings per share , or eps —eps is computed in accordance with asc topic 260 , earnings per share , and is calculated using the weighted average number of common shares outstanding during each period . diluted eps assumes the conversion , exercise or issuance of all potential common stock equivalents unless the effect is to reduce a loss or increase the income per share . potential common shares consist of the incremental common shares issuable upon the exercise of stock options ( using the treasury stock method ) , the exercise and or conversion of our convertible notes and warrants ( using the if-converted method ) . recently issued and adopted accounting pronouncements presentation of financial statements—going concern —this new guidance formally establishes management 's responsibility to evaluate at each reporting period whether there is substantial doubt about the entity 's ability to continue as a going concern for a period of one year after the date the financial statements are issued , and to provide related footnote disclosures . asu no . 2014-15 is effective for annual reporting periods ending after december 15 , 2016 , and for interim and annual periods thereafter and early adoption is permitted . we have not early adopted and when adopted we do not expect it to have a material impact on our consolidated financial statements . we will continue to evaluate the effect on a going forward basis . simplifying the presentation of debt issuance costs —in april 2015 , the fasb issued asu no . 2015-03 , which requires that debt issuance costs be presented not as an asset but as a reduction of the carrying amount of the related debt liability , similar to a debt discount . asu no . 2015-03 is effective for annual periods beginning after december 15 , 2015 , and interim periods within those annual periods , with early adoption permitted . we will adopt asu no . 2015-03 on january 1 , 2016 , and such adoption is not expected to have a material impact on our consolidated financial statements as we do not have any outstanding debt . revenue from contracts with customers —in july 2015 , the fasb voted to approve a one-year delay of the effective date of asu no . 2014-09 , which replaces the majority of all u.s. gaap guidance that currently exists on revenue recognition with a single model to be applied to all contracts with customers . the core principle of asu 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services . asu 2014-09 is effective for annual reporting periods beginning after december 15 , 2017 , including interim periods within that reporting period . early application is not permitted . an entity must apply asu 2014-09 using either the full retrospective approach , by restating all years presented , or the cumulative effect at the date of adoption approach . there is no impact that these changes will have on our consolidated financial statements as we have not recorded revenue yet . balance sheet classification of deferred taxes— in november 2015 , fasb issued final guidance in asu 2015-17 , which requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts . the guidance is effective for financial statements issued for annual periods beginning after december 15 , 2016 , and interim periods within those annual periods . early adoption

