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They billed over 5 million dollars in the first 2 weeks of August for the allergy services. That is a good metric.
How do you know that they filed form 15 incorrectly?
Article by the American Academy of Allergy, Asthma & Immunology.
Note: Arrayit has both an IgG food sensitivity test (pinnertest) and an IgE allergy test. IgE tests are medically acceptable. Arrayit sells in the U.S the only multiplex IgE test in the U.S. market, and it's covered by Medicare and private insurance.
https://www.aaaai.org/conditions-and-treatments/library/allergy-library/IgG-food-test
THE MYTH OF IGG FOOD PANEL TESTING
It is very common for patients to feel as if they have food allergies or food intolerances / sensitivities. These terms or labels are often used interchangeably. It is important to understand though, that allergies are very different than intolerances or sensitivities. There are excellent materials on this website to help you distinguish between the two. With a food allergy, the body is making an immune response to the food, and this can be dangerous. With an intolerance or sensitivity, the body may just not be processing or digesting the food appropriately and this is not actually dangerous (although it can obviously be uncomfortable).
The most classic food intolerances (such as lactose intolerance) cause patients to have bloating, fullness, belly pain, gas and/or diarrhea when they eat too much of the food. This is because the body is not properly digesting the food, which leads to build up of air and gas in the stomach and intestines. Other patients feel like they get headaches, fatigue, “brain fog” or belly pain with various foods or additives / preservatives. Many times, patients feel like multiple foods may be causing these symptoms and are hopeful to find a single test that will tell them exactly which foods to avoid so that they can simply feel better.
Unfortunately, no single test exists that can give you this answer. A test that claims to be able to diagnose food sensitivities and is commonly available is the food IgG test. This test, offered by various companies, reports IgG levels to multiple foods (usually 90 to 100 foods with a single panel test) claiming that removal of foods with high IgG levels can lead to improvement in multiple symptoms. Some websites even report that diets utilizing this test can help with symptoms of irritable bowel syndrome, autism, cystic fibrosis, rheumatoid arthritis and epilepsy.
It is important to understand that this test has never been scientifically proven to be able to accomplish what it reports to do. The scientific studies that are provided to support the use of this test are often out of date, in non-reputable journals and many have not even used the IgG test in question. The presence of IgG is likely a normal response of the immune system to exposure to food. In fact, higher levels of IgG4 to foods may simply be associated with tolerance to those foods.
Due to the lack of evidence to support its use, many organizations, including the American Academy of Allergy, Asthma & Immunology, the Canadian Society of Allergy and Clinical Immunology and the European Academy of Allergy and Clinical Immunology have recommended against using IgG testing to diagnose food allergies or food intolerances / sensitivities.
It is understandably frustrating while looking for ways (especially natural, non-medicinal ways) to feel better, but patients need to know if the advice they are following is based on tests that have been proven or on tests that are controversial and have not been proven. Before someone severely alters their lifestyle and diet, they should have some comfort in knowing that they are doing so based on proper advice. An allergist / immunologist is able to provide you with this advice and can help you properly diagnose and manage your condition
How do the plaintiff's attorneys make money in class action suits? I don't know how that works
Also, are the attorneys notifying other pinnertest buyers about the class action suit so they all collect if McGowan wins or there is a settlement?
I know that by virtue of buying some clothing at a national chain store a couple of years ago, I got emails telling me I was part of a class action lawsuit that somebody else initiated because the store "engaged in deceptive advertising by advertising false reference prices on merchandise" and about my options. Eventually I got an $8 coupon for the store when they settled.
Depends on what they invest it in.
IMO for example, if they are using the money to fund FDA approval of a test, that money wouldn't count as an asset at this time.
I doubt they have accumulated much cash to settle all the lawsuits.
Cash is an asset, and by filing form 15, they acknowledged that they have less than $10M in assets. And don't forget the landlord sue them last year, if it was for being behind in the rent, that tells you about the cash situation. They are probably re-investing into the business any cash they have.
Regarding the arbitration clause, apparently it wasn't on the website when the plaintiff McGowan purchased the test. It was added later. Like you say, it should not be an issue going forward, but they have to deal with McGowan.
Why is she making such a big issue about the validity on the pinnertest IgG food intolerance results. If you do a goggle search on these kind of tests you get a pretty good idea of the negative opinion that doctors have about IgG tests. Did she believe what the "celebrities" said about the tests? IgG tests are market by several other companies too. What does McGowan want as an outcome of the case?
A hearing was held yesterday on the motion to force arbitration on the Class action suit. There was a tentative ruling.
NIEVE MCGOWAN vs. ARRAYIT CORPORATION, a Nevada corporation; PINNER USA, INC.
Rene founded Arrayit with her brother Todd 25 years ago.
Mark has only been Arrayit's president since 2008.
Before that, starting in 1999, Mark was a visiting scholar at Arrayit then a division of Telechem.
Rene filed form 15. That is public record and can be found on Edgar.
But any SEC letter response to the company about it, and Renes' letter response to the SEC, may not be public. I may be wrong, but that is my opinion.
If for some reason the SEC decides to take action against the company that will be public.
Arrayit was current until April 2016 when the conversions stopped. This was probably not a coincidence. Under rule 144 lenders can't sell securities in the open market if the company is not current.
But ARYC was trading in the trips since January 2016 until around Nov 2016.
Arrayit continued tweeting away and Mark emailed people all thru that period and until Aug 15 2019.
PRs were issued during 2015.
No PRs in 2016 and 2017.
Bi-weekly PRs started May 2018 and ended just before form 15.
So no, there are no similarities about this totally dark period of no filings, no PRs, no tweets and no emails.
We may never know.
If the SEC has no issues with the form 15 filed, then everything is status quo.
IMO If there are issues, the SEC will communicate with the company and then they will decide on an action plan. If the company does not comply there could be severe penalties including revoking the registration of the shares.
This paragraph is typical in PRs of companies announcing filing a form 15
Ask Wei Wei. I believe he's from Singapore.
Agreed. Auditors can charge hundreds of thousands of dollars per fiscal year.
Good points.
Exactly kraki.
Until you give more info about these contracts, we have no way to verify your info.
Sorry. I'm not going in wild goose chase to figure out what contracts your're referring to.
It is the pinnertest.
Refresh my memory, what did they say about these 2 contracts. TIA
The core business did not sustain them. Revenues from the core equipment business was around $3M a year in 2015 with negative earnings, the last year they reported fins
In 2014-5 they were in "dire straits" (their own words in the Taub case filings) using whatever little money they had developing the food safety test. That is why they resorted to convertible loans for around $700K in 2015 which diluted the hell out the stock and brought the pps to 0.0001.
Things began turning around when they got a line of credit from TCA in Dec 2015. To get that line they had to wipe out a legal debt with the Iconic loan (remember Iconic?)
I looked at the tweets for the first 2 weeks of August and this are rounded figures of amounts billed for the allergy services in thousands:
Aug 1 - $508K
Aug 2 - 274
Aug 5 - 295
Aug 6 - 518
Aug 7 - 641
Aug 8 - 830
Aug 9 - 559
Aug 12- 163
Aug 13- 469
Aug 14- 844
AUg 15- 284
Total $5,385,000 (rounded)
Guidance is a projection which may or not come true. They felt confident to double the billing guidance for 2019 billing from $1M per week to $2M per week for FY 2019.
HighYieldStocks was keeping track of the billing tweets until the tweets stopped.
Starting in March 2019 they increase the billing guidance to $2M per week.
So their guidance for 2019 is (10 weeks X $1M) + (42 weeks X $2M) = $94M
Depends on your definition of when they stopped.
First day of no tweets was Friday Aug 16. They filed form 15 that evening.
But to officially go dark with the SEC they had to file form 15, and the day they did that they stopped communication via any means (emails, PRs and tweets)
PRs, tweets and emails stopped the day they filed form 15. They took going dark literally and then some.
Nielsen is taking a break. LOL
Regarding iconic case:
Ex-parte hearing 9/24/19 at 8:30 am
(Iconic Holding LLCs ex parte application for an order releasing the reserve and removing all trading restrictions on the Arrayit stock transferred pursuant to the courts November 16 2018) filed by Arrayit Corporation).
Also, Motion Hearing (Civil) re-scheduled for 01/10/2020 at 09:00:00 AM at Central in C-67 Eddie C Sturgeon.
(Motion for Summary Judgment and/or Adjudication filed by Iconic Holdings LLC.)
Regarding the Taub case:
Waiting for judge's decision on the MOTION for Reconsideration on Motion for Partial Summary Judgment filed by Taub. This may take weeks. Doubt that the judge will rule differently this time.
SEC doesn't post any action taken on Forms 15. The SEC communicates with the company if there are issues and takes it from there.
I think there is an ARYC stock overhang being processed. Possibly Nielsen's? Until that is completed the pps drifts lower. All IMHO
I just deleted a few of them. They are hysterical. ROTFL
There are several scientific papers published about two other microarray multiplex allergy tests.
Arrayit's test has the advantage in the U.S. market penetration right now because it is the only multiplex test being sold in the U.S. The other two tests are sold in other countries. Because they are not FDA approved they can't be sold in the U.S. Arrayit gets around that restriction because its test is an LDT that can be sold without FDA approval.
But still, it would be nice if scientific papers were published about the Arrayit test comparing it to the other tests.
Comparison of two multiplex arrays in the diagnostics of allergy
The objective of this analysis was to compare the multiplex ImmunoCAP ISAC (Thermo Fisher Scientific, Sweden) and the multiplex Alex Allergy Explorer (Macro Array Diagnostics GmbH, Austria)
https://ctajournal.biomedcentral.com/articles/10.1186/s13601-019-0270-y
ALEX® - ALLERGY EXPLORER - is the first in vitro multiplex allergy test allowing simultaneous measurement of total IgE (tIgE) and specific IgE (sIgE) against a plethora of allergen extracts and molecular allergens.https://www.macroarraydx.com/alex
https://www.macroarraydx.com/downloads/alex_info_brochure_en.pdf
Someone on the board, many years ago, once aptly described Arrayit as "a conundrum wrapped in an enigma"
I just googled that phrase, and Sir Winston Churchill once used similar words about Russia.
And let's not give a pass to the so called CEO, Rene. What is she doing for the shareholders?
See my other post:
They said "commences $240,000,000 test kit manufacturing run to build inventory for our rapidly expanding physician-ordered finger stick allergy testing services"
The key word is "commences". They started the run, how much did they complete. Also, they could build $9M inventory pause, sell it and rebuild the inventory again by $9M. You could do that 26 times and don't have $240M inventory on hand at any given time, but the total run would be $240M