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Re: aoiinvestments post# 1529

Monday, 06/26/2017 8:21:49 PM

Monday, June 26, 2017 8:21:49 PM

Post# of 1616
Great DD there. Just browsed through Zenosense's filings. They have little cash but keep borrowing from some investor who keeps funding them and the MIDS partnership. I found the items below interesting in their last 10-Q.

They show that this investor is still funding MIDS joint venture (MML) and that they paid $152k to MML in April 2017. Looks like about $650k has been given by Zeno to MML so far.

At $0.40, ZENO is valued about about $7.2m. BIAD at $0.01 is valued at $450k, so less than the cash that's put into MIDS.

MML is owned 40% by Zeno and 60% by Bio-AMD UK Holdings Limited (“UKH”). We own 70% of UKH (Mitchell and Djennati own 15% each). So that means we own 42% of MML outright. Unless Zeno's other IP is so much more valuable, there is clearly a difference in valuations of the 2 public companies. So an undervaluation of 10X is not that far off based on these #s alone.

Any thoughts?


"On April 2, 2017, the Company issued an unsecured convertible note (the “April 2017 Note”) in the principal amount of $170,000, to the Noteholder in exchange for a loan of $170,000. The Noteholder retained the option to provide the final amount of $90,000 of the New Option Loans. On receipt of these funds, a payment of $152,500 was made to MML in line with the terms of the Third Amendment.

On May 14, 2017, the Company issued an unsecured convertible note (the “ May 14, 2017 Note”) in the principal amount of $50,000, to the Noteholder in exchange for a loan of $50,000. The terms and conditions of the May 14, 2017 Note are the same as the New Loans with the exception of a conversion price of $0.40. The proceeds of the loan will be used for general working capital."

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