Total pharmacy revenues for the three months ended September 30, 2014 and 2013 were approximately $2,864,273 (98%) and $2,146,585 (92%), respectively, and nine months ended September 30, 2014 and 2013 were approximately $8,109,079 (97%) and $6,00,189 (90%), respectively
Reason why pps is at .0016, company is unknown, no bid support and has one note. When they were active pps was .40, then they did not file for one year and pps was down to .06. With 2m shares down from .06 to .002. Share structure was similar when pps was .40-.50.
(F) Note Payable Other – collateralized September 30, 14 On July 30, 2014 the Company entered into an agreement with Tarpon Bay Partners LLC, (“Tarpon”) for the purchase of $1,826,005 in past due debt and accounts payable from the company for the purposes of executing a 3(a)(10) Transaction that would alleviate the Company’s debt burden. Certain vendors agreed to the purchase of their debt by Tarpon Bay, including TCA. The agreement calls for periodic tranches of free trading unrestricted shares be transferred to Tarpon who will then sell the shares to satisfy the debt and obligations.
18 The number of shares transferred at any time will be calculated such that at no time does Tarpon have more than 9.9% of the outstanding shares so as not to have controlling interest in the Company. The agreement also calls for $100,000 fee to be paid in stock in 5, $20,000 increments and included in the first 5 tranches of shares transferred to Tarpon. On August 25, 2014 the Settlement Agreement between the Company and Tarpon Bay was signed by all parties. On September 3, 2014 an Amended Order Granting Approval of Settlement Agreement and Stipulation was approved by the courts with the he first transfer of shares to Tarpon Bay Partners, LLC completed on October 1, 2014. Tarpon began selling its shares to satisfy the creditors on October 28, 2014.
As there agreement does not give a set number of shares, pricing per share and a time frame for transfers, the Company is required to calculate a Derivate Liability on a periodic basis. The company has estimated a 3 year time frame and based on the current share pricing at September 30, 2014, the Black Scholes calculations estimate that the underlying shares in embedded conversion option would be approximately 30,433,419 shares with a total fair value of $1,661,731. As of September 30, 2014 the company recorded interest expense and derivative liability of $149,426 to reflect the difference between the total obligations and the Black Scholes fair value.
On an ongoing basis, the Company will evaluate and disclose the effect of these transfer of shares to Tarpon in consideration of the debt obligations has on the dilution of value to the current shareholders. As of September 30, 2014 there was no effect as the Company had not transferred any shares as of this date.
On October 1, 2014, the Company issued 3,408,000 shares to Tarpon in consideration of the first tranche of shares per the September 3 court approved Settlement Agreement – 3(a)(10) Transaction. On October 28, 2014, Tarpon began to sell its shares to satisfy the debtors as per the September 3, 2014 court approved Settlement Agreement and 3(a)(10) Transaction.
The total number of shares issued and outstanding as November 10, 2014 was 36,114,344 shares
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