Other Income
Other income for the three months ended March 31, 2022, includes a $23 thousand dollar gain from the sale of fixed assets at our Seattle office location. In January 2022, the board of directors approved the relocation of our headquarters from Seattle, Washington to Tulsa, Oklahoma. After approval, we began soliciting bids for our used lab and office equipment.
Net Loss
Net loss for the three months ended March 31, 2022, was $1,490 thousand compared to $2,021 thousand for the three months ended March 31, 2021, or an approximate 26.3% decrease. The $531 thousand decrease in net loss during the three months ended March 31, 2022 is primarily attributable to decreased human capital costs, and changing our board of directors compensation plan. Refer to our operating expenses discussion above for further details.
Liquidity and Capital Resources
At March 31, 2022, our cash and cash equivalent balance totaled $6,667 thousand compared to $7,607 thousand at December 31, 2021, a decrease of $940 thousand.
At March 31, 2022, our current assets were in excess of current liabilities resulting in working capital of $6,553 thousand as compared to $7,293 thousand at December 31, 2021.
Based on our current plans, we have sufficient funds to continue operating our business at current levels for at least 12 months from the date of issuance of this report. In order to continue business operations beyond that point, we currently anticipate that we will need to raise additional capital. Our development and general administrative costs are ongoing, and we expect to require additional funding to meet these expenses. To that end, we may undertake offerings of our securities, debt financings, selling or licensing intellectual property, or other alternatives. We filed a Form S-3 shelf registration statement with the Securities and Exchange Commission on June 27, 2019 that was declared effective on July 12, 2019. The registration statement allows us to offer common stock, preferred stock, warrants, subscription rights, debt securities and units from time to time as market conditions permit to fund the ongoing operations of the Company. Until the growth of revenue increases to a level that covers operating expenses it is the Company’s plan to continue to fund operations in this manner, although, as noted above, the significant volatility in the capital markets may negatively affect our ability to do so.
During the three months ended March 31, 2022, working capital has been funded with approximately $578 thousand in net proceeds from the ATM offering of 496 thousand shares of our common stock, offset by operating expenses. Subsequent to the three months ended March 31, 2022, the Company raised an additional $9 thousand in net proceeds from the ATM by issuing 5 thousand shares.
Operating activities for the three months ended March 31, 2022, resulted in cash outflows of $1,503 thousand, primarily due to the loss for the period of $1,490 thousand, offset with non-cash expenses of $100 thousand.
Operating activities for the three months ended March 31, 2021, resulted in cash outflows of $1,513 thousand, primarily due to the loss for the period of $2,021 thousand, offset with non-cash expenses of $771 thousand.
Investing activities for the three months ended March 31, 2022, resulted in cash outflows of $38 thousand in disbursements for fixed and intangible assets, and cash inflows of $23 thousand in proceeds from fixed asset sales, compared to cash outflows of $88 thousand in disbursements for fixed and intangible assets for the three months ended March 31, 2021.
Financing activities for the three months ended March 31, 2022, included $578 thousand in net proceeds from the sale of 496 thousand shares of our common stock through our ATM program at an average price of $1.24 per share.