Skye Bioscience Inc (SKYE)

[AntonChigurh]

Vinpat says 'Doug Ingram is involved day-to-day'

Has he been Checking in Daily while he has been running Sarepta?

https://www.barrons.com/articles/sarepta-a-new-ceo-goes-a-long-way-1498745538

https://www.cnbc.com/2017/09/06/sarepta-ceo-doug-ingram-defends-high-cost-for-muscular-dystrophy-drug.html

His net worth is estimated at 12 million and is making 3 million this year, that means his NeMUS stake is <2%...does he even know he is Still on the board? Not like there has been a Shareholder meeting this year (last held summer 2016).

Vinpats say 'Management has not enriched themselves at all'...

'In June 2014, our subsidiary entered into an independent contractor agreement with K2C, Inc. (“K2C”), which is wholly owned by the Company’s Executive Chairman and Co-Founder, Mr. Cosmas N. Lykos, pursuant to which we pay K2C a monthly fee for services performed by Mr. Lykos for our company. The agreement expired on June 1, 2017 and was automatically renewed for one year pursuant to the terms of the agreement. The monthly fee under the agreement was $10,000 and increased to $20,000 effective April 1, 2017. For the nine months ended September 30, 2017 and 2016, total expense incurred under this agreement was $150,000 and $90,000 respectively. Total expense incurred under this agreement was $60,000 for the three months ended September 30, 2017 and $30,000 for
the three months ended September 30, 2016. The Company had an outstanding balance of $150,000 due to K2C as of September 30, 2017. Under the agreement, Mr. Lykos is also eligible to participate in our health, death and disability insurance plans. In addition, Mr. Lykos is a participant in our change in control severance
plan.'

So right before Doing the SB deal, Lykos gives his consulting firm a raise? The deal was not great for shareholders. When the company begins to have liquidity concerns, should he still take his Full fee?

Vinpat says no Insider has ever sold


'On May 18, 2015, the Reporting Person issued a Promissory Note to certain holder (the “ Note ”) in the principal amount of $105,000.   Under the terms of theNote, at the option of the Reporting Person, all principal amount and accrued interests due on the maturity date may be paid with shares of Common Stock of the Issuer, with such shares deemed to have a value of $1.50 per share.  Prior to the maturity date, the Reporting Person informed the holder of the Note that he elects to pay the amount due under the Note in stock, provided that the value of stock should be revised to $1.00 per share. Accordingly, on March 13, 2017, the Reporting Person issued to the holder 119,700 shares of Common Stock as payment in full of all outstanding principal and accrued interest due under the Note'

If I lent someone 100k at 10%, and they paid me back 30k and said lets call it even, I might be a little angry. But don't worry, the Lender was an 'accredited investor'. I hope not the kind of a'accredited investor' Schneider Finance LLC turned out to be....

All you longs, even you want to Ignore this, please pay attention to the Company's language...

10Q 2016

The  Company  plans  to  continue  to  fund  its  operations  and  capital  funding  needs  through  public  or  private  equity  or  debt  financings,  strategic
collaborations, licensing arrangements, asset sales, government grants or other arrangements. However, the Company cannot be sure that such additional funds will
be available on reasonable terms, or at all. If the Company raises additional funds by issuing equity securities, substantial dilution to existing stockholders would
result. If the Company is unable to secure adequate additional funding, the Company may be forced to make a reduction in spending, extend payment terms with
suppliers, liquidate assets where possible, and/or suspend or curtail planned programs

10Q 2017

The Company’s continued existence is dependent on its ability to raise additional sufficient funding to cover operating expenses and to invest in operations and
development activities. The Company plans to continue to pursue funding through public or private equity or debt financings, strategic collaborations, licensing
arrangements, asset sales, government grants or other arrangements. However, the Company cannot provide any assurances that such additional funds will be
available on reasonable terms, or at all. If the Company raises additional funds by issuing equity securities, substantial dilution to existing stockholders would
result. If the Company is unable to secure adequate additional funding, the Company may be forced to reduce spending, extend payment terms with suppliers,
liquidate assets where possible, suspend or curtail planned programs or cease operations.


'In February 2017, the Company entered into an agreement with one of its investors to provide advisory services on all matters including financing. In conjunction
with this agreement, the Company issued warrants that vest immediately to purchase 125,000 shares of common stock with an exercise price of $0.41 per share
with a term of five years. The Company estimated the warrant value to be $30,000 utilizing the Black-Scholes option pricing model and recorded this amount to
general and administrative expense for the quarter due to the immediate vesting.'

Who was the investor? Did they do the SB deal?

'as a result of the issuance of the Series F Preferred Shares,
the conversion price of outstanding Series B and Series C Preferred Stock was reset to $0.15. '

Ow.

New going concern to latest 10Q that was not in 10Q's last year:

'Our independent registered public accounting firm has issued a report on our audited financial statements for the fiscal year ended December 31, 2016 that
included an explanatory paragraph referring to our recurring operating losses and expressing substantial doubt in our ability to continue as a going concern. Our
unaudited consolidated financial statements have been prepared on a going concern basis, which assumes the realization of assets and settlement of liabilities in the
normal course of business. Our ability to continue as a going concern is dependent upon our ability to generate profitable operations in the future and/ or to obtain
the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they become due. The outcome of these
matters cannot be predicted with any certainty at this time and raise substantial doubt that we will be able to continue as a going concern. Our unaudited
consolidated financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should we be
unable to continue as a going concern.'


If I was a long I would want to know if the Financing has closed. I hope I am wrong and Ingram is one of the 2 people who Said they would give them 2 million.

Sorry to those who lost Money listening to what I said