Read the 10-K and 10-Q filings (it takes understanding basic accounting, but all the information is in there)
Also, read the complete text of the latest "finance" deal with Magna, for a grand total of about $200K, see what horrendous terms BHRT signed and accepted for a pittance of $200K cash.
PR versus SEC filings. PR can be written to make things sound one way (PR will always only emphasize and be written to sound positive), SEC filings are pure reality- they must present all facts and all accounting details w/o bias or omission of facts, by law.
One simple example. That reported "revenue" in the PR- has a cost of sales associated with it. So less than $819K went in their bank, quite a bit less. At the same time, their expense line increased by more than that amount resulting in an operational loss for the qtr, almost identical to the loss from operations, same period 1 yrs ago- nothing changed for the most part. They handed out more in just bonuses to Comella and Tomas than any "net revenues" brought in for the yr.
"Net income"- only an accounting entry generated by the one time discharge of debt. In one case the hospital wrote off the bad debt- meaning BHRT never paid them back. In the other cases so far- it's all been done via dilution (debt to equity swaps, large chunks of shares being issued), meaning they never generate any cash that goes to paying down debt, they just dilute, dilute and dilute more. Back out the one time gain, as will happen this next qtr, and they will be right back at net income loss (the operational loss matters much more anyway, as that's the real cash losses, not manipulated by accounting entries- it's why net income is never as important as cash flow, and free cash flow when evaluating the true financial condition of any business).
Their 10-Q, last filed still contains a "going concern" warning as their financial condition, especially cash position at any given time is dire (They finished last qtr w/ about $90K total cash in the bank- nearly broke, typical). They survive from paying even common bills by issuing common stock- as they do not have the cash to meet even paying their most basic bills.
From last 10-Q filing:
Page 4: Cash and cash equivalents $91,221 ($91K dollars, broke essentially)
Page 4:
Current liabilities:
Accounts payable $2,183,285
Accrued expenses $2,300,700
(so right there, that's over $4 MILLION in just immediate liabilities, against $90K cash on hand, close to insolvency if not for diluting shares)
Page 4:
Total assets $224,220
Total current liabilities $9,759,137
(again, essentially broke as they generate no cash flow and have over $9 MILLION in current liabilities and no assets for the most part, nothing that could even be shed/sold off to generate cash, thus again- share dilution and toxic convertible debt deals via lenders of last resort)
Page 5: Net loss from operations (6 month period ended June 30th)
Period ended 2014 (1,078,971)
Period ended 2103(1,123,232)
Almost identical, meaning the "revenues" made very little difference, as their expenses increased tremendously, again large salary boosts and bonuses for two people being a big part of that increase.
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 six months ended June 30, 2014, the Company incurred an operating loss of $1,078,971 and used $507,059 in cash for operating activities. As of June 30, 2014, the Company had a working capital deficit (current liabilities in excess of current assets) of approximately $9.6 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.
The Company’s existence is dependent upon management’s ability to develop profitable operations and to obtain additional funding sources. There can be no assurance that the Company’s financing efforts will result in profitable operations or the resolution of the Company’s liquidity problems. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern."
That's just a few examples of an actual SEC filing reality, versus a PR, press release version. ALWAYS use the SEC filings when evaluating the true conditions and events at any public traded company, IMO. My 2 cents. I don't care what any "PR" ever says. PR is just that, PR.
