What I'm anticipating:....?????
"3. Myocell enrollment/treatment complete "???
WHAT "Myocell" enrollment/treatment? When, where, how??
The last "Myocell" trial updates are almost 5 yrs old now.
Latest 10-Q, PAGE 26:
"We are seeking to secure sufficient funds to reinitiate enrollment in the MARVEL and REGEN trials. "
So when did the "funding" occur, let alone completing "enrollment/treating" of anybody??
The last presentation of "data" from those trials, MARVEL and REGEN was in Sept. of 2009 from same page, 26, of latest 10-Q. That will be FIVE YEARS AGO in about 2 more months (Sept. 2014).
What "Myocell enrollment/treatment complete"???
They finished Q-1, per the 10-Q, page 4: with about $218K cash/cash equivalents on the books, against short term debts (accounts payable, accrued expenses) of around $4.8 MILLION, and that's not even getting into the total debts they owe (long and short term), which is well over $11 million.
Most recent 10-Q, PAGE 11:
"NOTE 2 – GOING CONCERN MATTERS
The accompanying unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying unaudited condensed financial statements, during three months ended March 31, 2014, the Company incurred an operating loss of $620,923 and used $257,762 in cash for operating activities. As of March 31, 2014, the Company had a working capital deficit (current liabilities in excess of current assets) of approximately $11.1 million. These factors among others may indicate that the Company will be unable to continue as a going concern for a reasonable period of time."
So how would they have "3. Myocell enrollment/treatment complete "??
What would they have paid for this with? When did these "enrollments" take place, let alone "treatments" and WHERE? What geographic locations? Where's the clinicaltrials.gov updates then for REGEN Part II and MARVEL? Why are they showing no progress and indicating not only in the end of 2013 10-K that they've gone/are going nowhere (stalled) but even in the most recent 10-Q filing?
Statement of "enrollment/treatment" of "Myocell" makes zero sense IMO. Where's the proof of it taking place, or even being possible to take place?
From the same 10-Q filing, Q-1 2014, PAGE 10:
"The Company incurred research and development expenses of $9,857 and $163,974 for the three months ended March 31, 2014 and 2013, respectively;"
That means they spent a grand total of about $3K per month(as in $3 thousand dollars, as in noise level money) on "R&D" aka "trials" per month, for the entire first quarter of this year. HOW does $3K a month fund two large, "Myocell" trials??
They spent more money on a penny stock promotion campaign, per the disclosure on "smallcapvoice" than they did for R&D per month according to that 10-Q filing. They plunked down $5K for "a month's worth of service" to smallcapvoice, while they spent about a lousy $3K a month for "R&D" per month in Q-1, per their own 10-Q filing.
And "Myocell" trials are supposedly now "complete"?? Not seeing it as even a remote possibility. What "Myocell" so called "enrollment/treatment"? Where? When? How? Paid for with what?
