With the passing of the Affordable Care Act, we feel we have established a solid foundation for growth as we anticipate experiencing strong demand from the primary care physician community for our innovative and preventative diagnostic products.
Our core business model is directed to the approximately 400,000 primary care physicians in the United States today. With the recent introduction of the Affordable Care Act in January 2014, physicians within our network are potentially looking to provide clinical tests that can diagnose cardiovascular disease, oral cancer, and skin cancer on the front line. All of these diagnostic tests may provide early diagnosis and treatment of life threatening diseases, while potentially providing new reimbursement revenue streams for the physician. It is these innovative, ground-breaking diagnostic tests, supported by the Affordable Care Act with potentially strong reimbursements to physicians that have contributed to the anticipated high rate of penetration and integration within our network. We initiated our soft launch during July and anticipate recognizing these revenues in the third quarter as we continue building the infrastructure for a full launch.
Mr. Perry commented, “We are anticipating a dramatic increase in revenues in the third quarter, and an even more significant increase in the fourth quarter 2014. We are rolling out our technology every day to new physicians with an outstanding rate of usage and integration. Training and integration have been key thus far during our soft launch.”
We have raised over $6.5 million in net proceeds through private placements and debt financing in order to fund the development and growth of our operations and pay down prior obligations. At June 30, 2014, we had $2.0 million in cash and receivables on our balance sheet. This liquidity allows us to execute our business plan throughout the East Coast.