Saturday, February 06, 2016 1:39:09 PM
Even Magna, who is lending the toxic financing is losing a boat load of money. Manga provided $350k of cash to Bioheart in return for 341,718 in shares. At the current share price of 30 cents, Magna will only receive $102k, and probably much less as the price keeps tanking as they sell those highly diluted shares.
Magna will easily lose over $250k from these two deals.
Anyone stupid enough to give these clowns any money will be standing alone in their tighty whities, getting an atomic wedgie.
"This prospectus relates to the resale of up to 341,718 shares of our common stock, which may be offered by the selling stockholder, Magna Equities II, LLC, a New York limited liability company, or Magna....
We are not selling any securities under this prospectus and will not receive any of the proceeds from the resale of shares of our common stock by the selling stockholder under this prospectus, however, we have received gross proceeds of $100,000 from the sale of the First Convertible Note to Magna and $250,000 from the sale of the Second Convertible Note to Magna."
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