We develop, manufacture, market and distribute MRI compatible medical devices and accessories, disposables and services relating to them.

Application of Critical Accounting Policies

We believe revenue recognition, accounts receivable, allowance for doubtful accounts, inventory valuation, product warranties, stock compensation, and income taxes are critical accounting policies requiring the use of significant estimates, assumptions, and judgments.

Three and Six Months Ended June 30, 2022 and 2021

MRI Compatible IV Infusion Pump Systems $ 3,853,016 $ 2,456,767 $

For the three months ended June 30, 2022, revenue increased $2.9 million, or 29.7 percent, to $12.7 million from $9.8 million for the same period in 2021.

For the six months ended June 30, 2022, revenue increased $6.0 million, or 31.5 percent, to $25.0 million from $19.0 million for the same period in 2021.

Cost of Revenue and Gross Profit

Our principal sources of liquidity have historically been our cash and cash equivalents balances, our investments, cash flow from operations and access to the financial markets. Our principal uses of cash are operating expenses, working capital requirements and capital expenditures.

Net cash (used in)/ provided by investing activities (347,133)

We market our products to end users in the U.S. and to distributors internationally. Sales to end users in the U.S. are generally made on open credit terms. Management maintains an allowance for potential credit losses.

Our manufacturing and headquarters facility has been leased from Susi, LLC, an entity controlled by our Chairman of the Board and Chief Executive Officer, Roger Susi. Pursuant to the terms of our lease, the monthly base rent is $34,133, adjusted annually for changes in the consumer price index.

There have been no material changes outside the ordinary course of business to our contractual obligations and commercial commitments since December 31, 2021.

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