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It opened on December 10, 2018 (the ex dividend date) at $.205/share. It closed the previous trading day at $.20/share.
I don't think most people expected much revenue from last quarter. On the other hand, the balance sheet actually looks pretty decent. They have $709,000 net receivables. Their assets have increased by $656,000 to $6,079,000 and total liabilities have decreased by $201,000 to $741,000. Net tangible assets have increased by $923,000 to $4,824,000 and they still have virtually no debt.
I should have said "virtually free". They cost each shareholder $.00055/share which was made as an adjustment to the pps on the ex-dividend date. On the ex-date when they were awarded, mCig was trading around $.23/share. So on the day of the S-1, the pps of mCig was adjusted down by $.00055 at the beginning of the day. No one even noticed as the trading range at that time was about $.02/share. It was background trading noise on that one day.
OTC Markets has the following warning...
Assuming that that's true, it wouldn't preclude the possibility that APPB is one of their sub-distributors. The warning letter from the Chinese manufacturer did also specifically include sub-distributors.
Your concern is noted. However, Zhejiang Orient Gene Biotech Co Ltd is not on the list of FDA scams and their order prohibiting online sales of their test kits seems to be designed not to run afoul of regulatory guidelines (either that or they're trying to level the playing field for their marketing partners). APPB has complied with the company's order so they should continue to receive shipments and be able to sell product. It may, however, put a crimp in their marketing.
The test kits are offered on the Remedi website. I assumed they'd have the Remedi brand but I could be wrong. They may simply be re-selling a Chinese product. Either way, they should be able to make some profit simply on volume even if they limit their margin for humanitarian reasons.
Legally, any company that slaps it's brand name on a product is considered the manufacturer even if they have the entire product made by a third party. It's presumed the product is built to their specifications. There are virtually no manufactured products that are entirely built and composed of materials and work supplied by a single party.
I've been away from this board for a while and I'm not sure if the Remedi brand is wholly owned by APPB. Perhaps someone here could answer that for us.
Wow, I haven't checked this board in over two years and got a blast from the past. Just bought in for $.64/share on the pullback. Ready for it to take off now.
Yes, thank you Dems! That girl gets to collect unemployment plus up to $600/week for the next four months and probably longer unless Republicans block an extension.
Trump ought to thank the Dems for keeping the economy going. If Obama were still in power, the Republicans would have blocked all of it and destroyed the economy in order to blame the Dems and win in November. Tell me I'm wrong.
I don't think I ever claimed they were free but they may as well have been free. They cost each shareholder $.00055/share. On the ex-date when they were awarded, mCig was trading around $.23/share. So on the day of the S-1, the pps of mCig was adjusted down by $.00055 at the beginning of the day. No one even noticed as the trading range at that time was about $.02/share.
Here's an explanation of how the dividend was calculated and how it affected the share price of mCig...
mCig post # 91368
I calculated the effect on mCig's share price back on February 12, 2018...
mCig post # 92839
Market Makers are supposed to keep that sort of rapid pps spike from happening . Sounds like on the first day they may not have had the MM's set up to trade before your trade occurred. Someone probably put in a market order when it was trading at $.50 and got burned within seconds for a $100 pps LOL
That was the status on October 31, 2019 when that 10-Q was released. They had been waiting for almost 2 years to be approved for trading. That was five months ago. Not much a company can do when it doesn't have any cash and can't sell any shares to fund operations.
Now that their shares are tradable, they have to re-evaluate their business plan. Paul has indicated in the past that he's looking at potential acquisitions (or perhaps a merger). That would be the fastest way to bring in revenues. However, with the current economic situation, I don't expect much until this virus crisis blows over.
LMAO You're complaining because you got free shares that you can still sell for $6.75 each. Paul really stuck it to you didn't he. Sell your shares and stop complaining.
Stick it to me some more Paul!
I'm not surprised that there's a correction. We still don't know where this will eventually settle. That won't happen until the company reveals its business plan.
Regarding...
ROTFLMAO Think about this for a minute...
It's simply supply and demand (OS is about 10 million shares but float is only around 400k) and momentum trading. Paul has commented about making acquisitions and we're just waiting to see what mCig tells us about their current business plan.
The normal channel to reach them would be through the BRRX Clinical website...
BRRX.io
I'll private msg you with some more info.
What mCig has proved over many years is that it's a survivor, unlike many other MJ startups, and still has virtually zero debt. You also predicted sub $.02 in September 2016 four months before it closed just below $.50 LOL
LMAO Nobody's pumping this. Where's the pump. It's simply greed and speculation and supply and demand. People are trading the momentum. We'll see where it settles once mCig reveals it's plans for the company. Paul's been talking about an acquisition. This could be attractive to any company that's thinking of going public.
I'm not claiming that negative comments on the board have caused the drop in InMed's pps, only that it's not helpful and probably harmful to the pps. Yes, InMed has experienced slippage on it's product plans, however, they've still made progress, albeit more slowly than anyone would like.
On March 27, 2019 people were retroactively granted a dividend of 1 share of OBTX for every 1,000 shares of mCig they owned on December 11, 2018...
MCIG Obtains FINRA Approval for OBITX Dividend and Spinoff Press Release | 03/29/2019
People aren't accounting yet for the fact that mCig owns 49% of OBTX. The market cap of OBTX as of close on Friday was $81.27 million (the high of the day was twice that amount). That makes mCig's investment worth roughly $39.8 million. At close on Friday, mCig's market cap was $15.98 million. This makes mCig currently undervalued by about a factor of 3. Based on the value of OBTX, mCig should be trading around $.09/share.
We'll see how OBTX holds up after mCig reveals it's business plan, but in the meantime, there should be some upward pressure on mCig's pps.
It's not a scam. It's a function of the low float. Just roughly 400k shares available to trade. It's supply and demand. The only ratio that matters right now is the price/share because that, times the number of shares you own, is the value of your dividend.
Someone just sold 600 shares at $6.50
LMAO The pps stinks on all of my stocks right now. WE'RE IN A RECESSION! Why would you expect InMed to be any different? Yeah, maybe the negative comments here haven't caused the drop, but they're certainly not doing anything to slow it down or reverse it.
InMed still has a lot of potential. Eventually they will have marketable products and considerable revenue. Unfortunately, they've had some setbacks and I'm sure the current economic situation may delay things even more, as they will for just about every company in the world.
No manipulation. It's simply a function of the float as I predicted two years ago. The OS for OBTX is 10,460,000 shares...
mCig Post # 92899 Dated 2/14/2018
Here's more on the Innoviva agreement. Armata will effectively become a subsidiary of Innoviva...
IMLFF Form DEF-14A
At the closing of the second tranche (the “Second Closing”, and the issuance of Shares in the Second Closing, the “Second Placement”), subject to satisfaction of certain closing conditions, including the Company’s shareholders voting in favor of the transaction at this Special Meeting, Innoviva will purchase approximately 7.7 million shares of Common Stock and Warrants to purchase approximately 7.7 million shares of Common Stock for an aggregate purchase price of approximately $22.2 million.
At the First Closing, Innoviva and the Company entered into an investor rights agreement (the “Investor Rights Agreement”), which provides that, for so long as Innoviva and its affiliates hold at least 12.5% of the outstanding shares of Common Stock on a fully-diluted basis, Innoviva shall have the right to designate two (2) directors to the Board of Directors of the Company (the “Board”), and, for so long as Innoviva and its affiliates hold at least 8% but less than 12.5% of the outstanding shares of Common Stock on a fully-diluted basis, Innoviva shall have the right to designate one (1) director to the Board, subject to certain qualifications and conditions in the Investor Rights Agreement. In connection with the First Closing, on February 12, 2020, two of Armata’s Board members, Richard Bear and Michael Perry, resigned from the Board, and Innoviva appointed Sarah Schlesinger, M.D. and Odysseas Kostas, M.D. to fill the newly created vacancies on the Board. The Investor Rights Agreement also provides for participation rights for Innoviva to participate in future offerings of equity securities by the Company.
The Second Closing is expected to occur by the end of the first quarter of 2020, subject to the satisfaction of certain closing conditions referenced above. Following the Second Closing, Innoviva will become our largest shareholder, owning approximately 47% of the Company, assuming no exercise of the Warrants, and if Innoviva exercises the Warrants, it will own approximately 64% of the Company?—?either of which will result in a change of control of the Company under the rules of the NYSE American.
In addition, the Purchase Agreement provides that prior to the consummation of the Second Closing, Armata will effect an amendment to its Amended and Restated Articles of Incorporation, as amended, to renounce any interest or expectancy of the Company in, or in being offered an opportunity to participate in, any business opportunity that is presented to its directors, officers or shareholders.
Nice Find! Here's more...
Armata Pharma nabs $5M award to support AP-PA02 study; shares up 8%
The Cystic Fibrosis Foundation has awarded $5M to Armata Pharmaceuticals (ARMP +7.5%) to help fund a Phase 1/2 clinical trial evaluating lead candidate AP-PA02 for the treatment of Pseudomonas airway infections in people with cystic fibrosis.
AP-PA02, a second-generation version of AP-PA01, consists of a mixture of complementary bacteriophages (viruses that kill bacteria by infecting them, multiplying inside than bursting through the cell membrane in order to release the next generation of phages). The company says its approach overcomes certain pathogens' antibiotic resistance.
This is still a company with virtually zero debt. They just announced a new Telemedicine Service and a partnership with a major pharmacy in NJ. In an age of self quarantine for corona virus, Telemedicine is a growth industry. The timing couldn't be better. mCig's pps during this recent crash has held up pretty well in comparison to other tickers. In fact, it's been the only green on my portfolio on most days.
I am curious as to exactly what they mean by "if needed".
I really do not see how you can blame the stockholders for the share price.
So you are content with the rate at which Inmed is progressing