Totally agree. They're so cash poor ($46K TOTAL cash end of last qtr against over $2 MILLION in just immediate accounts payable), they pay common bills in shares of stock and have been doing so for years, for everything from "accounts payable" to "services rendered" and to "related party notes" (insider loans), and other vague terms, etc. 10's of millions of shares of common stock, continually, for years.
A big chunk of any cash that does come in to the company via financing or reported "revenue" or whatever, just goes straight to the salaries and large cash bonuses of just 2 people, while they spend next to nothing on R&D ($3K per month spent on R&D per the last 10-Q filing, less than the monthly lease payment on their small facilities), meaning there's no way IMO they're conducting any FDA level phase II or phase III trials, all of which stalled out years ago. Then they claim to be doing all these new additional "studies" and who knows what- which is supposed to lead to what, when they can't even fund and pay their daily bills w/o issuing common stock in the 10's of millions of shares? Makes zero sense IMO.
Also, the lower this share price goes- the harder and harder it gets for them to raise small amounts of cash via the convertible, toxic debt deals they've been surviving on, and the more dilutive each deal gets.
From their last filed 10-K, PAGE F-28:
During the year ended December 31, 2013, the Company issued 50,029,227 shares of common stock for proceeds of $865,000.
During the year ended December 31, 2013, the Company issued 31,052,141 shares of common stock issued under its standby equity distribution agreement with Greystone Capital Partners.
During the year ended December 31, 2013, the Company issued an aggregate of 5,656,340 shares of its common stock for settlement of $82,339 of accounts payable. In connection with the settlement, the Company recorded a loss on settlement of debt of $74,877.
During the year ended December 31, 2013, the Company issued 2,500,000 shares of its common stock in connection with the issuance of a note payable.
During the year ended December 31, 2013, the Company issued 57,967,906 shares of its common stock in connection with the settlement and/or conversion of various notes payable.
During the year ended December 31, 2013, the Company issued 34,890,348 shares of its common stock in connection with the settlement of related party notes payable and advances.
During the year ended December 31, 2013, the Company issued 9,408,718 shares of its common stock in settlement of interest and penalty in connection with convertible debt.
During the year ended December 31, 2013, the Company issued 6,220,263 shares of its common stock services rendered valued at $85,151.
During the year ended December 31, 2012, the Company issued an aggregate of 952,851 shares of its common stock, valued at $34,600, in exchange for services rendered.
During the year ended December 31, 2012, the Company issued an aggregate of 51,751,138 shares of its common stock in exchange for $720,214 of outstanding notes payable and related accrued interest.
During the year ended December 31, 2012, the Company issued an aggregate of 700,000 shares of its common stock in exchange for $14,000 of accrued liabilities.
During the year ended December 31, 2011, the Company issued an aggregate of 1,982,995 shares of its common stock on exercise of options.
During the year ended December 31, 2011, the Company issued an aggregate of 27,120,856 shares of its common stock in exchange for $1,542,109 of outstanding notes payable and related accrued interest.
During the year ended December 31, 2011, the Company issued an aggregate of 1,000,000 shares of its common stock, valued at $115,035, in exchange for services rendered.
During the year ended December 31, 2011, the Company issued an aggregate of 1,272,730 shares of its common stock in settlement of outstanding related party advance in the amount of $140,000."
And most recent 10-Q, PAGE 27:
Subsequent issuances
On October 3, 2014, the Company issued 514,886 shares of its common stock as payment of $70,521 interest on its Northstar (related party) debt.
In October 2014, the Company issued 1,818,182 shares of its common stock in settlement of $20,000 of convertible debt.
In October 2014, the Company issued 1,293,103 shares of its common stock in settlement of $15,000 of convertible debt.
In October 2014, the Company issued 2,260,764 shares of its common stock in settlement of $18,000 of convertible debt and accrued interest of $2,120.
In October 2014, the Company issued 552,846 shares of its common stock in settlement of $5,500 of convertible debt and accrued interest of $1,300.
In October 2014, the Company issued an aggregate 2,773,549 shares of common stock for consulting services.
In October 2014, the Company issued 538,875 shares of common stock in settlement of accounts payable."
There's sections like that in every 10-Q and 10-K they've filed for at least the past several years.
AI
