Opened on $28.16 cents traded (1024 shares), supposedly "up" plus 4%. And now it's down 4.92%.
The spread is back to Grand Canyon wide- looks like they need to try and get it back in that 2.75 to 3 cent range which is where they appear to do all the dumping for the big boys, who hold 10's of millions of shares BHRT handed out at about 1 to 1.5 cents each (see most recent 10-K/10-Q filings), then wash, rinse and repeat.
It's been the pattern since the March/April PR run-up, then all down hill essentially from there, with a pop or two along the way, which always has selling into that strength, bringing it right back to the 2 cent range approx.
That seems to be about all it's going to do. They continue to dilute at a furious rate, rely on toxic convertible debt financing, and any "revenue" has already been consumed, IMO, in huge base pay and "bonuses" to just two people in the company. Just the bonuses for this yr alone total almost $1 MILLION ($500K for Tomas and $300K for Commela = $800K). None of this "revenue" has, or will go to "trials" IMO, it's already been promised in the huge base salary and bonus "perks" department. $5K a month being spent on R&D, and they're supposedly going to run FDA quality, phase II/III trial(s) , plural, on that pittance of an R&D budget? No, don't think so IMO.
How much has expenses/spending increased for base salary/bonuses for just the two insiders?
End of yr 2013 10K filing, PAGE 71:
Tomas 2012: Base salary was $247,585 , bonus was $0, total compensation $347,585
By end of 2013 he'd perked that up to the following per the table page 71:
Base salary $391,667, bonus $375,000 and total comp package $936,804
Meaning he'd almost TRIPLED his total comp package in a yr- the yr that produced the lowest stock price in company history, 6/10th of 1 cent, end of 2013.
Comella, 2012:
Base was $105,671 and bonus was N/A and total compensation was $105,671
By end 2013 she'd been perked up to (same table page 71)
Base pay $159,167, bonus of $125K and total comp package $366,083
(a better than TRIPLE in a single year- nice!)
But wait, it gets better. Now comes the 2014, Q-2 10-Q filing- and MORE base salary and another, bigger bonus round for "the two".
Latest 10-Q, PAGE 25:
"On July 28, 2014, the Company’s Board of Directors approved the 2014/2015 salary for Mike Tomas, Chief Executive Officer, at $525,000 per year, beginning July 1, 2014 with an incentive bonus ranging from $150,000 to $500,000. In addition, the Board of Directors will grant Mr. Tomas options to be determined on or before June 30, 2015. The Company’s Board of Directors approved a bonus of $500,000"
So, in two years essentially, he boosted his base pay from $247,585 to now $525K (a real sweet DOUBLE) and he added on another "bonus" payment of $500K. Making two yrs of bonuses of $300K + $500K = $800K in just 2 yrs, almost $1 MILLION dollars.
So just Tomas' annual base pay + bonus now will consume over $1 MILLION in cash from the company ($525K + $500K = $1 million)- for a company that just ended the most recent qtr with a grand total of $92K cash in the bank.
Comella, from same 10-Q, most recent filing is now getting:
"On July 28, 2014, the Company’s Board of Directors approved the 2014/2015 salary for Kristin Comella, Chief Scientific Officer, at $250,000 per year, beginning July 1, 2014 with an incentive bonus ranging from $100,000 to $300,000. In addition, the Board of Directors will grant Ms. Comella options to be determined on or before June 30, 2015. The Company’s Board of Directors approved a bonus of $300,000 "
So that's $250K base + $300K "bonus" for her = $550K of the company's cash to fund her. Not including their stock options and "other" perks either. So, just Tomas and Comella are going to consume over $1.5 MILLION in cash- and what are the supposed "revenues" (after cost of sales) going to be? Not enough to cover even those salaries and bonuses IMO.
So how much cash will be consumed just to "fund" Tomas + Comella, just two people in a cash poor company?
$525K + $500K (Tomas) + $250K + $300K (Comella) = $1,575,000 annually for TWO PEOPLE = $1,575,000/12 = $131,250 PER MONTH CASH. (remember, the company just finished Q-2, with $92K TOTAL CASH ON HAND left, per the 10-Q filing). THAT is "perspective" IMO.
In about a 2 yr period, two insiders have for the most part nearly TRIPLED their own pay packages- while the company can't fund R&D and trials per their own SEC filing comments. Do you know people in this economy getting triple salary increases in a 2 yr period, while their company is in dire financial condition? I sure don't? I know companies doing pretty well- fully profitable, growing at high rates, etc and I don't know anyone in them that tripled their pay packages, not even doubled their pay packages, not in these economic times? And those numbers don't even include stock options to Tomas and Comella, and they've each received large blocks of those too, some vesting immediately.
But the key trials (Marvel, Regen and Mirror) can't advance why again, for "lack of funding" (see same 10-Q filing, page 27, company's own words)
The much touted "revenues"- making zero difference to the long term prospects of this company IMHO. Not a dime of it's going to fund "trials" that I can see from reading the SEC filings, it's all, already been consumed and promised to insiders. That's my read on the simple math of the SEC filings.
