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LOL, Opened ABOVE the Ask again on 3K shares at .0095, which was $28.50 worth ??
0.0079 / 0.009 (175000 x 75000)
Then seconds later they take it RED, not even filling on the Ask, but below it?? It was a whole 10,999 shares (yes, not 11000, but 10,999 shares) that took it down in a 12% swing from +6% to now -6% red (actually -12% now, just posted another trade, like the 4th one of the day). 10,999 shares is $93.49 worth, LOL. Wow. $93.49 bucks worth can swing this stock through a 12% range in a blink, from ole green to solid RED.
The MM's are really gaming this one now IMO. 2 seconds after market open it's supposedly "up" on a $28.50 traded block?? Then BMAK slides right into position with a 10K share block and parks it on the Ask, the daily "cap" at .009 it looks like. And the Bid barely budges- so it's wide spread mode again, with less than avg volume (very, very low volume so far on the opening).
Appears the dilution MM's are still on the hunt for any buyers they can scrounge up at higher prices on a wide spread to pick up some of their inventory- shares those MM's probably got down in the .004's just a week ago. Meaning those dilution MM's are now doubling their money in less than about a week's trading days. On the Bid, they don't appear to want to pay more than the .007's and they haven't budged off that all week so far.
Pretty amazing to me. I kinda thought today was the "big day" and all from those "charts" and predictive info stuff? Guess not so far? 13,999 shares in the first 20 minutes or so- on the "big day", about a $100 bucks worth traded- it just doesn't seem like it's tearing off to the races quite yet here IMO? Just a tad light so far it seems?
Typo in that prior post- it's PAGE F-34 of that BHRT 10-K filing (actually a tad of page F-35 too), NOT page F-43.
Just to get it 100% correct.
How does one recognize a "toxic" finance deal when reading a company's 10-K or 10-Q report? Many investors don't know how to spot the "toxic" or typical "death spiral" finance deal when reading the SEC filing for any particular company.
There's some very common wording (in addition to learning to recognize the most common names of "toxic" firms- Asher, Magna, Daniel James, KBM, Vis Vires, Fourth Man, etc but new names pop up all the time, so it's best to recognize the specific terms that lets one know it's a "toxic" deal)- so what does one look for when reading the 10-K or 10-Q SEC quarterly or annual filing for a company?
It's actually pretty easy to spot in most cases- as there is some common wording that will almost always appear when a financing deal is "toxic". One can read the 10-K or 10-Q cover to cover or just use a "word search" function in their browser (I use Chrome, and just use the search function when I open the 10-K or 10-Q and I can spot the toxic finance wording in a few seconds or less, every time). The wording is based on the fact that every "toxic" deal is deemed "toxic" via the fact that it is a "floorless" conversion deal. Meaning, the lending firm gets to convert the debt deal to common, free trading shares with NO BOTTOM PRICE set in the terms of the deal. Instead, the conversion price- is always done via a "conversion formula" and that's the easiest way to spot and know that a financing deal is indeed "toxic".
I'll give a few examples using the 10-K or 10-Q SEC filing for Bioheart, BHRT, just because I'm familiar with their filings as I've followed that particular stock and just read their latest 10-K, cover to cover. I'll highlight the "toxic wording" aka the "conversion formula" and show how one can spot it. It will almost always read just like what I'm going to highlight in red, some variation on the wording.
Here is 3 examples from Bioheart's most recent 10-K, showing qty-3 new "toxic" aka "floorless" financing deals they just did- one will see the fact they are 1) Loans or a debt for shares deal 2) They have a fairly high interest rate, typically 8% to 12% 3) That they provide for a STEEP share discount upon conversion- in this case 45% to 47% and most importantly, 4) the TOXIC CONVERSION FORMULA, the wording like, "The note is convertible to common shares of stock BASED ON THE AVERAGE OF THE LOWEST PRICE (note LOWEST PRICE) of the LATEST 3 or LATEST 10 DAYS AVG SHARE PRICE" prior to conversion.
It's that last line that makes it "toxic" the "conversion formula" being based on the avg of the LOWEST PRICE of the prior 3 or prior 10 days trading, blah, blah, blah. That's what makes it "floorless". Meaning NO MATTER HOW LOW THE SHARE PRICE GOES, the debt holder converts on the average LOWEST share price based right when they're going to convert, and THEN gets the 45% or 47% discount too boot. Meaning the lower the price goes- it's actually even better for these toxic note holders as they get that many more shares when they convert.
Here is examples of how to spot a "toxic" financing deal in a SEC filing:
http://www.sec.gov/Archives/edgar/data/1388319/000114544315000378/bioheart_10k.htm
From the latest filed BHRT 10-K, PAGE F-43:
Subsequent financing
On January 7, 2015, the Company entered into a Securities Purchase Agreement with KBM Worldwide, Inc. (“KBM”), for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on October 9, 2015. The Note is convertible into common stock, at KBM’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 140% if prepaid during the period commencing on the closing date through 179 days thereafter. After the expiration of 180 days following the date of the Note, the Company has no right of prepayment.
On January 28, 2015, the Company entered into a Securities Purchase Agreement with Fourth Man, LLC., for the sale of an 9.5% convertible note in the principal amount of $25,000 (the “Note”).
The Note bears interest at the rate of 9.5% per annum. All interest and principal must be repaid on January 27, 2016. The Note is convertible into common stock, at Asher’s option, at a 47% discount to the lowest daily closing trading price of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal at 150%, interest and any other amounts.
On February 19, 2015, the Company entered into a Securities Purchase Agreement with Vis Vires Group, Inc. (“VIS”), for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on November 23, 2015. The Note is convertible into common stock, at VIS’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 140% if prepaid during the period commencing on the closing date through 179 days thereafter. After the expiration of 180 days following the date of the Note, the Company has no right of prepayment."
See, every deal is worded nearly identical- some are based on the avg of the prior 3 days, some on the prior 10 days, but always that wording- the "conversion formula" of the avg of the LOWEST "x" number of days prior to conversion. And then the steep share discount. That's a toxic finance deal - too the tee. Almost every one you'll ever see will be worded almost exactly like those highlighted in red above.
Also, notice that the deals typically carry stiff pre-pay penalties too boot- such as 150% of face value, blah, blah, blah. That's how one spots a "toxic" deal. Look for that "conversion formula" wording and you know a company just took on a toxic note deal. Also, notice the amounts- they're typically pittances of cash like $25K or $38K (almost never more than about $100K which is how the toxic firms also protect their downside risk)- so these cash desperate companies usually end up doing what I just listed/highlighted above. They end up doing many of these deals one after another- as in $25K with firm "X" and then $38K with toxic firm "Y" and then another $30K with firm "Z" to get a lousy $100K more survival cash or whatever- usually a month's or less worth of survival cash.
How bad can these deals be on conversion? Just do the math- it's staggering how a toxic firm can loan a company say $25K, but with a dropping share price and then a 47% discount, the toxic lender might get 10 or 20 MILLION shares of stock for a lousy $25K loan (if you get into where the stock drops to double zeroes .00X and then triple zeroes, .000Y then it can be 50 MILLION or 100 MILLION shares or whatever, staggering dilution). They, the toxic note holder, they then dump those shares in "stair steps", driving the price lower as they sell, getting more shares on each leg down (and shorting, which they say they don't do, but everyone knows or suspects they do) - and then finally covering at the bottom with their last pile of shares on their last leg of converting.
That's it in a nut shell. If you see, "convertible to common shares based on the LOWEST avg price of the prior 3 or prior 10 days trading"- any wording to that effect, you're probably looking at a "toxic", floorless financing deal- and that means IMO, be watching for potential massive dilution to be hitting the stock, usually within about 6 months max from the time the deal is inked.
Brutal, price crushing dilution- often so powerful, so overwhelming, that no amount of retail buying eventually can off-set it or ever overtake it- and then it's the "death spiral" down. Some act like "death spiral" is some made up, "negative" sounding word or term- but the SEC itself actually uses exactly that term to describe these kind of "floorless" and "convertible" debt deals- also "ratchet" financing and some other terms. See the link below- the words "death spiral" are right on the SEC site itself:
http://www.sec.gov/answers/convertibles.htm
From the SEC itself:
"By contrast, in less conventional convertible security financings, the conversion ratio may be based on fluctuating market prices to determine the number of shares of common stock to be issued on conversion. A market price based conversion formula protects the holders of the convertibles against price declines, while subjecting both the company and the holders of its common stock to certain risks. Because a market price based conversion formula can lead to dramatic stock price reductions and corresponding negative effects on both the company and its shareholders, convertible security financings with market price based conversion ratios have colloquially been called "floorless", "toxic," "death spiral," and "ratchet" convertibles."
KBM Worldwide now believe to be the "sister" company to infamous toxic lender of share price crushing fame, ASHER.
http://www.hollywoodreporter.com/news/afm-daniel-grodnik-teams-kramer-747466
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=109522738
Above is a story showing that KBM and Asher appear to be linked via being run by two brothers, the Kramer brothers. Curt Cramer of course is of Asher fame (I believe also went by Hanover Holdings back in the day) and now it looks like they created KBM World Wide as a new start up, being run via brother Seth Kramer.
People may recognize the name Curt Kramer from Mazuma Holding Inc and Mazuma Funding Corp. Mazuma ran out of the same office as Asher Enterprises, Inc. While involved with Mazuma, Curt Kramer and his partner Charlie Mayo helped finance several penny stock scam companies.
This seems to be common for these toxic loan guys- they get popped or fined once in a while by the SEC/authorities and they just pull up stakes and move maybe one state over (Say NY to NJ) and start up all over again under some new name. When you've made $20 million and the SEC fines you say $2 million- does it really matter?
This toxic loan to penny stocks biz- it's probably better than owning an actual ATM machine that self refills, that's how lucrative it can be. These are the bad boys of the bad boy hedge fund dudes on the street- they got ice water in their veins and see dollar signs only. As ruthless and cut throat as they come IMO. Brutal is being too kind IMO.
If one sees the names Asher or KBM Worldwide on a 10-K, it's a huge red flag IMO. It means the share price crushing machine has arrived more than likely.
An excellent Bloomberg financial journalism piece on one of the most notorious "toxic" finance houses to ever exist- even surpassing ASHER fame IMO, MAGNA:
http://www.bloomberg.com/news/articles/2015-03-12/josh-sason-made-millions-from-penny-stock-financing
For an example- check out the stock Bioheart, BHRT and when it did its Magna deal, almost always done as a combination "toxic note" and then they, Magna, sell the company their "enhanced equity line" deal, a sort of credit line facility that the company can "tap" and make draws on over time. In BHRT's case it was a $205K note with a $305K "face value" due, then they inked a $3 million over 24 month "credit line" all with this Josh Sason guy of MAGNA.
Since that Magna deal- BHRT just hit an all, all, all time low of .0046 cents on mega volume exceeding 20 MILLION shares traded that day. It was a 2 cent or more stock not that long ago.
Bioheart, BHRT also has done deals with Asher, KBM Worldwide, Daniel James, Fourth Man and a new hedge/toxic lender named "Vis Vires" group to name a few. These are all floorless, "toxic", convertible debt deals with very steep share discounts- such as 45% to 47% and 8% or more interest.
These are known as "lenders of last resort" and nearly always end up being share price crushers. BHRT has diluted out over 300 MILLION shares in approx the past 1 yr period and then already 65 MILLION more shares before the 1st 3 months of 2015 were even over. A more than doubling of their outstanding share count in 1 yr. The BOD upped their available shares (A/S) count to 2 BILLION from a previous 950 MILLION, as they know they're going to dilute at an ever accelerating pace.
Once on the mass dilution train: the toxic, death spiral train- a nano cap, cash poor company can rarely get off it according to all research including the SEC itself, and they essentially become just share dilution machines, issuing literally 10's and 10's of millions of more shares on-going, never ending for all intents and purposes. The lower the price goes, the more share that must be issued- thus the "death spiral" as it just spirals in on itself.
http://www.sec.gov/answers/convertibles.htm
http://en.wikipedia.org/wiki/Death_spiral_financing
http://seekingalpha.com/article/760021-a123-systems-an-object-lesson-in-toxic-financing
http://www.investingadvisers.com/finance/articles/the_mysterious_world_of_death_spiral_finance.php
LOL, quote, "Thursday is the CC after hours should be a strong Friday"
Yeah, cause the ole "conference calls" in the recent past have equaled such huge successes on this one, LOL.
Check out the last "conference call" (Feb 4th, a Wed and after-hours) and how "big" it went after that one.
Went "big" after that "conference call" - big DOWN, like straight down, getting more than cut in half in share price. It made its all, all, all time low only a few months after that conference call.
DILUTION appears to trump all news on this one IMO. Just too many 10's and 10's of millions of low priced dilution shares out there now on it- from the likes of their constant use of toxic, convertible debt financing via the like of Magna, Asher, KBM Worldwide, Daniel James, Fourth Man and now Vis Vires to name some of them. Including use of toxic, floorless, convertible debt deals as recent as Jan and Feb of 2015.
They also dished out over 65 MILLION dilution shares in just Jan, Feb and early March of 2015 already- and that's after essentially doubling the O/S shares in 2014 via issuing out approx 300 MILLION shares of pure, GRADE-A, raw dilution shares. They dilute essentially un-ending, on-going, constantly for survival cash. That mass dilution is now coming home to roost IMO and there's nowhere near the buying pressure to soak up all those low priced shares.
Look at the recent drop to .0046. Some toxic lender/hedge fund more than likely just did a convertible debt "conversion" right during that period- meaning someone just got themselves more than likely 10's of MILLIONS of shares in the .0025 range or so. Shares that will soon hit the Ask/sell-side along with 10's of million of other low priced shares- a near bottomless well of those cheap shares, as the company is for all intents and purposes a dilution machine per their own SEC filings and the ever climbing O/S share count. They presently have 2 BILLION shares authorized to be issued- and are well past 700 MILLION shares O/S now by mid to late April. 65 MILLION shares being issued even before the first 3 months of 2015 were over.
LOL quote, "Awesome find Gs!!!"
What??? What was "found" exactly? It's a FIVE YEAR OLD link from 2010.
It's FIVE YEAR OLD, dated info- that just for added measure NEVER CAME TRUE, the "enrolling in the Fall" part, even in 2010.
It's irrelevant to anything this 3 person "company" is doing today IMO?
What was "found" exactly? Not getting it?
Quote, "This may be cached not sure. It showed up in my daily Google Bioheart search results today."
It's 100% for certain cached and OLD. It's from 2010.
https://heartresearch.holy-cross.com/taxonomy/term/1759/disclaimer
That is the link to the actual "blog" from which the cached page's text was taken from and why it didn't format correctly.
Read down to the middle of the page in the link above, it's word for word the exact text of the original link posted here earlier (OLD, 2010) about the trial in the supposed "Fall", supposedly "re-starting". The top of the page says, "THE YEAR IN REVIEW" and says clearly 2010.
From the link above, dated 2010 (down about the middle of the page):
"The year 2010 is drawing to an end and this is an appropriate time to review what has been accomplished in the field of cardiology. As you will see, much of this work has been reviewed extensively in this blog."
"Heart failure has reached epidemic proportions in the United States owing to our aging population and the advances in treating myocardial infarctions. Over 5 million people carry the diagnosis and 550,000 new cases a year occur. In 2001, there were nearly 1 million hospital discharges.
We have multiple therapeutic options which include angiotensin converting enzyme inhibitors, angiotensin receptor blockers, beta blockers, cardiac resynchronization, diuretics and since the 1700s, digitalis. Now the latest innovation, stem cell injections.
Bioheart is a biotech company located in Sunrise, Florida. They have developed a process to find and grow skeletal muscle stem cells. We do not yet have a process to biopsy and grow cardiac stem cells. There are several very early stage studies in Europe with progenitor cardiac stem cells but they are still in pilot stage. Bioheart's Marvel study is the third and final step to FDA approval of these cells for the treatment of congestive heart failure. A pilot study and a safety study showed that this treatment was safe with a robust trend to effective. In fact, the first 20 patients of the third study - of which three are from our site - have been studied and also found to have a robust effect.
The process involves taking a biopsy from the leg muscle of patients. This is then sent to Bioheart and processed to find the 6-8 fibroblast stem cells in the biopsy specimen. These cells are then grown out and in 14-21 days become billions of cells. These cells are then given to me to inject in the heart after NOGA mapping shows me the appropriate place. See the blogs of June 22 and / or 29 for details of the NOGA procedure.
We are proud to be the only team in South Florida doing this important work. The study will open for enrollment again in the Fall and we look forward to helping our patients with this technique. Please feel free to contact us for more information at 954-229-8400.
tags:
Bioheart
Enrollment
Heart Failure
Marvel
NOGA
Stem cell injections
Therapeutic options
categories:
Adult Stem / Cell Treatment
Heart Failure"
From 2010, and how did that "work out"??? It's 5 yrs old and it went nowhere, which is typical of BHRT "trials". I doubt Holy Cross hospital has had anything to do with BHRT in about 5 years, nothing. It's old info and related to trials that went dead a long, long, time ago IMO.
That page and "the fall" is clearly referring to the Fall of 2011 which NEVER HAPPENED then as those trials went dead in 2010 (see any SEC 10-K filing of the last 4 years), it's plain as day IMO. The top of the page has an actual date/year on it- and it's 2010.
LOL, quote, "Restarting Marvel in the fall???!!!! "
THERE IS NO DATE on that web page- it looks like an old, "cached" web page IMO. It could be years old for all one knows? It's not even formatted correctly anymore when it loads in a browser- looks to be some dead web page just sitting parked on some old dead link/sub page IMO.
Where's a single DATE on the page? W/O a date it could mean the "Fall" of any year- it could 2010 for all one knows when it was written and posted.
https://m.heartresearch.holy-cross.com/insidertags/bioheart
If one follows THIS LINK- one will see the top of the page is date 2010, YEAR TWO THOUSAND AND TEN, 2010. And THAT is where this supposed "Holy Cross Hospital" link leads back too- the one about the "Fall". Year 2010.
https://heartresearch.holy-cross.com/taxonomy/term/1759/disclaimer
Top of the page, THE YEAR IN REVIEW and then 2010, LOL. And then the blurb that was posted "trying" to implicate that the MARVEL or whatever BHRT trial is going to re-start in the "Fall", LOL !
Yeah, the Fall of 2010 or 2011- and how did that "work out"?? Another NEVER HAPPENED for the record books.
LOL quote, "Definitely. 100% agree. This 10K coming up is going to be very telling in the type of exponential growth we can expect to see from here on. I expect a self sufficient BioHeart by Q4 or next year the latest. Phase 3 Trials should also commence this year based on what the company has shared with us shareholders."
What?
1) There's an un-audited 10-Q quarterly filing coming up, not a 10-K? And, they're doing the big ole "conference call" BEFORE the official 10-Q is filed with the SEC which is quite unconventional. Normally the 10-Q is filed and then the conference called is held later the same day (a few hours later to give people to at least give it a cursory read) and or a day later.
2) Bioheart has made claims of supposed imminent "self sufficiency" or "big financing" or any other number of vast PR "claims" for more than 5 yrs now and its never even remotely come true. Example, Northstar LLC was going to raise a supposed $20 MILLION, LOL. How'd that little nice "PR story" ever work out? There's dozens of these "big plans" that were put out in PR over the years and not only didn't come true, but never even remotely came true or ever had a remote chance of coming true IMO.
http://www.marketwired.com/press-release/northstar-launches-20-million-private-placement-round-with-proceeds-fund-bioheart-trials-otcqb-bhrt-1713163.htm
That one was a classic for the ages for sure.
3) BHRT has been making "claims" and promises that the supposed big ole trials were going to "re-start" supposedly "soon" since 2009/2010 now. How has that ever worked out? The MARVEL and REFEN trials have been parked and gone NOWHERE for 5 yrs now (see any recent 10-K or 10-Q SEC filing). Remember a big ole PR hype called the MIRROR supposed "phase 3 trial"?? The one that NEVER HAPPENED but was supposedly "FULLY FUNDED" by Bioheart according to the PR hype and all the rest? ONE patient "enrolled" and never heard about again until recently- that it's no more, never happened, never really took place, etc. Another classic for the ages.
http://www.marketwired.com/press-release/bioheart-announces-phase-iii-mirror-trial-for-myocell-initiated-otcqb-bhrt-1807938.htm
WHERE DID IT GO? Gee, wonder how a big ole phase 3 just vanishes, when it's "FULLY FUNDED" and all ya know? All except the part that it never was actually "fully funded" and in fact never even really happened, LOL ! Beautiful.
4) "exponential growth" from here? What? The company has not "grown"? It's THREE PEOPLE per their just filed 10-K (March 2015) and finished 2014 with a big ole $36K bucks to their nearly BK name. What supposed "growth"?? The market cap has collapsed recently to sub $5 million and the common shares are down a literal 99.99% at this point, since their IPO date. Exponential "growth"??? This company has never grown since at least 2008, it's only been in decline? Where's this fictional "growth" supposedly happening? Their loss from operations on this past 10-K (March 2015 filing) was larger than the loss they took in 2013- that's not "growth"??
5) Phase 3 trial(s) plural should commence this year based on what the company has shared? What have they shared that in any way shows that to be possible or true?
Here's page F-34 of the latest filed 10-K and it shows that in just Jan, Feb and early March 2015 they used qty-3 more toxic debt financing deals for pittance amounts of survival cash as they're so cash broke- and they at the same time diluted out over 65 MILLION common shares, again, as they're on cash-broke life support mode. What have they "shared" to show otherwise? The 10-K is the only published FACTS and reality a public traded company has- and their latest is a "GOING CONCERN" mess IMO. $36K total cash against more than $2 MILLION in just accounts payable debts and they're supposedly about to fund a phase 3 trial or trial(s) plural, LOL?? Really?
Latest filed 10-K, PAGE F-34:
"Subsequent stock issuances
In January 2015, the Company issued 4,783,568 shares of its common stock in settlement for services, provided 14,299,567 shares of its common stock in settlement of $49,500 of outstanding convertible notes payable, and $2,981 accrued interest and 2,096,450 shares of its common stock for net proceeds of $16,118 from equity drawdown under the Magna Purchase Agreement.
In February 2015, the Company sold an aggregate of 1,443,656 shares of its common stock for net proceeds of $16,270. In connection with the stock sale, the Company issued an aggregate of 1,443,656 warrants to purchase the Company’s common stock for five years at $0.01127 per share. In addition, the Company issued 20,219,367 shares of its common stock in settlement of $132,500 of outstanding convertible notes payable and $2,520 accrued interest and 16,556,976 shares of its common stock for net proceeds of $135,645 from equity drawdown under the Magna Purchase Agreement.
In March 2015, the Company issued 6,185,432 shares of its common stock in settlement of $25,000 of outstanding convertible notes payable and $1,226 accrued interest. In addition, the Company issued 635,357 shares of its common stock as true up shares relating to the February 2015 equity drawdown under the Magna Purchase Agreement."
And
"Subsequent financing
On January 7, 2015, the Company entered into a Securities Purchase Agreement with KBM Worldwide, Inc. (“KBM”), for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on October 9, 2015. The Note is convertible into common stock, at KBM’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 140% if prepaid during the period commencing on the closing date through 179 days thereafter. After the expiration of 180 days following the date of the Note, the Company has no right of prepayment.
On January 28, 2015, the Company entered into a Securities Purchase Agreement with Fourth Man, LLC., for the sale of an 9.5% convertible note in the principal amount of $25,000 (the “Note”).
The Note bears interest at the rate of 9.5% per annum. All interest and principal must be repaid on January 27, 2016. The Note is convertible into common stock, at Asher’s option, at a 47% discount to the lowest daily closing trading price of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal at 150%, interest and any other amounts.
On February 19, 2015, the Company entered into a Securities Purchase Agreement with Vis Vires Group, Inc. (“VIS”), for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on November 23, 2015. The Note is convertible into common stock, at VIS’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 140% if prepaid during the period commencing on the closing date through 179 days thereafter. After the expiration of 180 days following the date of the Note, the Company has no right of prepayment."
They're taking on TOXIC DEBT deals in amounts of $25K and $38K just a few months ago- cause they're supposedly "growing exponentially" and about to start and fund phase 3 "trials", LOL? Really? No way IMO. Not a chance.
BMAK and CDEL on the Ask again this AM, w/ BMAK setting the "cap" for the day- so it's not going anywhere above that IMO.
0.0077 / 0.0089 (128000 x 60000)
http://www.otcmarkets.com/stock/BHRT/quote
Spread is pretty wide again and volume is low out of the gate- slow and wide spread on this one usually means getting set up by dilution MM's to drop it any day or any moment soon from my experience.
Bid is still pinned in the .007's and not a whole lot of bucks left in the .007's, maybe $5K worth showing and it would drop hard. Yesterday, some new MM stepped in on the Bid side and parked a 10K share block there all day at .0085 and that's exactly where they closed it at. No matter how much vol traded that 10K block never showed being filled and never budged. And BMAK and CDEL had it "bracketed" on the Ask side w/ a similar 10K share block- the thing was boxed in a range by the dilution MM's and going nowhere IMO.
We'll see what these hedge boy MM's do with it today. Bid is weak out of the gate- and BMAK has it pinned on the Ask w/ a 10K share parking block. Right now it looks like the dilution MM's, hedge boys aren't willing to pay more than the .007's for any shares.
Quote LOL, "Anytime my friend hope to actually put millions of dimes in ur pocket :)"
What? How does that "work" exactly, especially on a stock as ill-liquid and with spreads as wide as BHRT?
"millions of dimes" = several $100's of thousands of dollars? On a "big day" BHRT does maybe 4 million shares of volume, which is like $30K a day tops at hese prices, and on many days it's much, much less than that.
If one bought a $100K of this thinly traded (just bought a $100K worth, not even talking making that as some imaginary profit), of this sub penny which has dilution MM's sitting on it nearly every day- these MM's would never fill a sale for $100K worth or even $50K worth anywhere near the Ask they're showing at any given time, not a chance IMO (for example BMAK parks 10K blocks on the Ask all day long, and will never fill an order that high, they force the sale down using that 10K share block, setting a price cap in effect).
So if someone had bought a $100K worth the MM's would get them on a wide spread premium first, then turn around and when those shares went up for sale, they'd sit until the price was dropped substantially before anyone picked them up on a buy, the Bid side. Yesterday had a 22% spread for part of the day- meaning if one bought even a $1000 worth in the AM, then changed their mind and wanted out even minutes later- they'd of taken a loss of 20% or more just between the Bid/Ask spread to get their order to fill. No way IMO that anyone is always buying a perfect bottom and then always somehow selling a perfect top on these short term spikes- it's statistically impossible, other than maybe a pro-trading desk who's actually an MM or hedge fund and can see way, way more of the order flow than what's on even a consumer grade Level II screen.
So how exactly would one make $100's of thousands in profit on a fairly ill-liquid, nano cap stock- one that just hit near all, all, all time lows and is in a 12 month sustained down-trend now with only brief, very short lived "pops" and a few spikes along the way?
How exactly does, or would that "work"?? It's impossible or nearly impossible IMO. It's past Vegas odds on a declining, down-trend, and most importantly, thinly traded and wide-spread, fairly ill-liquid stock like this one, BHRT.
Not gonna happen IMO.
BMAK is back and Bid just got SLAMMED to .0071, wow !
0.0071 / 0.009 (586000 x 10000)
http://www.otcmarkets.com/stock/BHRT/quote
Well, that didn't take long I guess. But they still have the spread cranked GRAND CANYON wide, so who knows how they're "working" this thing this AM, these dilution MM hedge boy firms.
Wild in here this AM. Opened on $500 bucks worth on a 22% spread and now BMAK slides right on down the Level II to park a 10K share block at .009 which then looks like they just set the "cap" for the rest of the day IMO.
And they appear to be trying to drive the Bid down hard again now.
Liquidity? $500 bucks went off at .0098 on the open and the best Bid is now .007 for those same shares, literally minutes later? Holy cow. That would be a drubbing of a loss in only minutes to unload a whole $500 bucks worth.
Trading much slower and much lower volumes so far this AM, like the dilution MM's are there, but not doing much of their own order flow, at least not yet. Seen this pattern a lot in the last several months though (actually all of 2015 for the most part, since BHRT brought in Magna as their big dilution finance house). It can be quiet as a mouse like this and then start posting 600K or 300K (always some big ole round block) sell orders real fast and jump to the 3 or 4 million avg daily vol it's been doing lately.
Wild ride to open a Monday- fasten the seat belt IMO. BMAK and CDEL, two peas in a MM pod and they're both all over it now to kick off the week again.
A 22% SPREAD, LOL !
0.008 / 0.0093 (190000 x 228817)
22% "up" supposedly on the Ask at .0098 open on about $500 bucks worth (Ask already dropped to .0093) , but the Bid doesn't budge off of .008? Right on.
Oh yeah, they're "working" this one again, holy cow.
Looks like another "breather" day perhaps, or are the dilution MM's just gonna step on it here in a bit?
Buy shares at a 22% premium over the Bid, try and sell um literally 30 seconds later and it's a 22% loss, LOL. The OTC MM's are the most brutal there are IMO. How does one even put up a 22% spread with a straight face as an MM and claim they're providing liquidity and a liquid market?
So far CDEL is on the Ask, but BMAK is way, way out on the Level II. BMAK did that last week for a "breather" day or two- but then stomped on it hard by end of week. Will have to wait and see.
A 22% spread is a tad too rich for my tastes at this point. Personally, I need a little liquidity to feel safe.
Amazing IMO.
Quote, "Because we have a CC on positive revs this Thursday"
Well they had a big ole "conference call" and a "presentation" and a 10-K and all the rest - including supposed "positive revenues" and the shares have gone NOWHERE BUT DOWN.
In fact, the shares since their last big "conference call" and "revenues" and big ole "plan presentation" and the 10-K being released, the common shares just hit an ALL, ALL, ALL, ALL TIME LOW of .0046 a week ago.
So why's this ole "conference call" supposedly going to be any different now?
Further, why is a company doing a conference call BEFORE THEY FILE THEIR quarterly 10-Q with the SEC? It's very non-customary to do it that way and IMO smacks of trying to put out one-liner "hype" and other "PR" type info before the hard facts and reality of the 10-Q are public and able to be read (O/S share count, how much more mass share dilution has occurred, how low is their cash position, how many- if any more toxic debt deals have been inked since Jan/Feb, how much their present debt is, what deals have fallen through like the South Africa deal for example, or the MIRROR trial vanishing, or how little they're spending on R&D since the 10-K, or have they issued any more big cash bonuses yet this yr 2015 yet, or how much they've tapped the Magna dilution credit line facility since the 10-K and any other key "tid-bits" always, and only found in a 10-Q or 10-K but never in my experience ever discussed by the company in these PR's or conference calls or whatever)
The NORMAL, conventional way that I'm used to seeing public traded firms do a "conference call" for a "quarterly update" (or annual update) is to FILE THE PUBLIC SEC 10-Q document to the SEC EDGAR database and then several hours later hold the conference call on the same day, or typically the next day. That way people can ask questions and address the PUBLIC FACTS, the SEC filed FACTS found in the 10-Q or 10-K.
BHRT of course is doing it bass-ackwards IMO.
Pull up a chart of when the last, ole, big "conference call" occurred and when the big "new plan" was released- it was early Feb 2015, the stock is pretty much straight down from that point to today- from about 2 CENTS a share to a recent low of .0046 cents a share to now .008 or so cents a share. The "conference call" and "revenues" or whatever didn't to a thing to stem the dilution share selling, or even stem the rate of dilution- being that the 10-K, PAGE F-34 shows over 65 MILLION shares of common stock being issued in just Jan, Feb and early March of 2015 alone.
My .008 or less cents worth
BHRT MARKET CAP has COLLAPSED approx 90% since IPO to TODAY:
When a company sells shares in an IPO, it does not sell the entire company O/S share count? A large part of BHRT at the time of the IPO was held by insiders and also at that time- PRIVATE INVESTORS. The market cap estimates at the time of the IPO were much, much, much higher in 2008 and have since massively collapsed (to recently below $5 million, dipping as low as about $3 million recently).
Here is various PR coverage by firms, then, covering the BHRT IPO and stating what the estimated market cap would be after the public offering- based on the company's then total share count X price after offering. And it wasn't anywhere close to as low as $5 million, not by a long shot.
http://www.nasdaq.com/markets/ipos/company/bioheart-inc-734841-53406
That's the Nasdaq page itself- and shows then approx 14 MILLION shares outstanding at the time of the IPO. That would have put the market cap at approx 14 X 5 = $70 million at time of the IPO. Meaning the market cap has now collapsed by approx 90% or more (as the common share price has collapsed by a literal 99.99% since the IPO)
And a final analysis done after the dismal IPO in an article written by a firm that tracks and covers IPO's:
http://venturebeat.com/2008/02/19/three-yards-and-a-cloud-of-dust-bioheart-makes-it-across-the-ipo-goal-line-but-with-little-to-show-for-its-struggles/
Notice, it states (at the time of Feb 2008, just after the dismal IPO):
"Leonhardt, by the way, now owns just over 32 percent of the company, a holding worth about $24 million at Bioheart’s current valuation. Ms. Farley, meanwhile, exercises control over a 3.4 percent stake in the post-IPO company, now worth about $2.5 million."
If Leonhardt owned 32% of the company post IPO and that stake was worth about $24 million then (remember, it RAPIDLY collapsed post IPO, within only months, the stock chart is a straight down ski slope, for all intents and purposes) then the MARKET CAP on Feb 19, 2008 WAS ABOUT 3 X $24 million = $72 MILLION and NOT THE SUPPOSED $5 MILLION CLAIMED HERE. WRONG. The market cap has COLLAPSED MASSIVELY BY APPROX. 90% OR MORE SINCE THE IPO, from about $70 MILLION in 2008 to about $5 MILLION OR LESS TODAY, SIMPLE AS THAT.
AND, that massive collapse in market cap has occurred despite the enormous, massive share dilution from then, 2008, having approx 15 MILLION shares outstanding (O/S shares) to approx 30 MILLION shares O/S in mid 2010 when the present CEO took over (CEO number 3 or 4 since being a public company: Leonhardt, Groth and Pinon in 2007 and now Tomas since June or so of 2010) to now approx 700 MILLION shares dilution and rapidly climbing under CEO Tomas. Tomas from mid 2010 to today- took the O/S share count from approx. 30 million to blowing through the 700 MILLION mark today, and NO major clinical trials have occurred or advanced since the 2009/2010 time period (see any prior SEC 10-K filing).
LOL WRONG quote, ""SUNRISE, Fla., Feb 19, 2008 (PrimeNewswire via COMTEX News Network) -- Bioheart, Inc. (Nasdaq:BHRT) announced today the pricing of its initial public offering of 1,100,000 shares of common stock at a price of $5.25"
Same market cap as today...there you go!
"
NO "same market cap as today" is not true in the slightest, or how it went and NOT "there ya go"???
When a company sells shares in an IPO, it does not sell the entire company O/S share count? A large part of BHRT at the time of the IPO was held by insiders and also at that time- PRIVATE INVESTORS. The market cap estimates at the time of the IPO were much, much, much higher in 2008 and have since massively collapsed (to recently below $5 million, dipping as low as about $3 million recently).
Here is various PR coverage by firms, then, covering the BHRT IPO and stating what the estimated market cap would be after the public offering- based on the company's then total share count X price after offering. And it wasn't anywhere close to as low as $5 million, not by a long shot.
http://www.nasdaq.com/markets/ipos/company/bioheart-inc-734841-53406
That's the Nasdaq page itself- and shows then approx 14 MILLION shares outstanding at the time of the IPO. That would have put the market cap at approx 14 X 5 = $70 million at time of the IPO. Meaning the market cap has now collapsed by approx 90% or more (as the common share price has collapsed by a literal 99.99% since the IPO)
https://www.pehub.com/2007/09/bioheart-sets-ipo-terms/
That's another article discussing their initial IPO plans (the ones that failed) stating they were going to sell 3.75 million or so shares at a hoped for $14 to $16 a share and that would have given them a market cap of $270 million or so. If one does the math, again, it works out to then about 14 million shares outstanding. Thus, when they went public at only $5 million a share and 1.1 million shares, they BRIEFLY (as the price rapidly collapsed within months) they briefly had a market cap of around $70 million, NOT $5 million. Again, their market cap (as the common share price) has massively collapsed since 2008 and then since mid 2010 when the present CEO took over.
http://venturebeat.com/2007/10/12/i-told-you-so-eat-your-bioheart-out/
Another article explaining that by then- Bioheart had cut in half their IPO planned share offering (it got worse by the time it actually happened) - but at even 4.2 million shares offered at approx $6 to $8 a shares, it was expected to give the company a market cap of about $140 million. Cut the offering down to 1.1 million shares at $5 and one gets about the final $70 million market cap they ended up with, as $8 would have been $140 million.
And a final analysis done after the dismal IPO:
http://venturebeat.com/2008/02/19/three-yards-and-a-cloud-of-dust-bioheart-makes-it-across-the-ipo-goal-line-but-with-little-to-show-for-its-struggles/
Notice, it states:
"Leonhardt, by the way, now owns just over 32 percent of the company, a holding worth about $24 million at Bioheart’s current valuation. Ms. Farley, meanwhile, exercises control over a 3.4 percent stake in the post-IPO company, now worth about $2.5 million."
If Leonhardt owned 32% of the company post IPO and that stake was worth about $24 million then (remember, it RAPIDLY collapsed post IPO, within only months, the stock chart is a straight down ski slope, for all intents and purposes) then the MARKET CAP on Feb 19, 2008 WAS ABOUT 3 X $24 million = $72 MILLION and NOT THE SUPPOSED $5 MILLION CLAIMED HERE. WRONG. The market cap has COLLAPSED MASSIVELY BY APPROX. 90% OR MORE SINCE THE IPO, from about $70 MILLION in 2008 to about $5 MILLION OR LESS TODAY, SIMPLE AS THAT.
http://www.wsj.com/articles/SB120347855456979345
Wall Street Journal commentary on what a DUD their IPO was- a total bust. They were in financial trouble before the IPO and in financial trouble after the IPO and in financial trouble to this day. NOTHING has changed much, LOL !
Quote LOL what? "Big Pharma is Big Vacuum Tube, And_They're_Toast!!!
The Laboratory 8 Cell Human Embryo is the Future
of Medicine.
And Ocata is FIRST!!!
The vacuum tube lobby couldn't stop the integrated
circuit from being developed in the 1960's.
"
The_integrated circuit and_the vacuum tube lobby, WHAT?
The transistor_was invented in 1947 and was the equivalent of a "vacuum tube", NOT the "integrated circuit" ?? The "transistor" is known as_a "solid state" device and replaced functions normally done by the_predecessor the vacuum tube which existed since about 1907 (amplification if biased properly, a switch if so biased, the triode, "valve" or thermionic triode, etc all common_names. Later of course diodes, tetrodes, pentodes as the device evolved. The triode being the basic equivalent of the eventual workhorse PnP or NpN transitor consisting of a collector, emitter and base being essentially equivalent to the cathode, anode and grid of the vacuum tube triode- where the "grid" or "base" voltage/current are used to control the main current between the emitter/collect or cathode/anode making amplification possible, switching, etc)
What vacuum_tube supposed lobby sought to suppress the_transistor?? When and where?
The "integrated circuit" is not in any way equivalent to a "vacuum tube" in that_a vacuum tube is a single, stand alone device- and can only be made that way. An "integrated circuit" came along and was developed to "etch" or "print" many, many transistors (later also resistors, capacitors, etc) onto a single substrate (a silicon wafer or base material) for mass production and "integration" into more complex functions- the most ubiquitous becoming the universal op-amp or "operational amplifier". The IC or "integrated circuit" concept followed shortly after the transistor around 1949 (Germany if I remember correctly, probably Siemens). It was later TI (Texas Instruments) who took the IC large scale, around the mid 1950's or so. It was Kilby at TI. I believe shortly thereafter then was infamous Fairchild and Noyce, with Kilby I believe also involved with them- from there, the rest is history and the entire "silicon valley" resulted from Fairchild primarily locating in that valley, then came the likes of Intel and all the rest. Kilby if memory serves later won a Nobel in physics for his work on the original "integrated circuit" patents, concepts, methods to make, etc
Not sure_of what attempts_are trying to be made to some imaginary vacuum_tube lobby and lil ole OCAT as there are_none. Zero. No relationship whatsoever I can_see? Makes no_sense at all?
LOL quote, "I just hope they stop dilution"
Well, there's no sign of that occurring since they diluted out over 65 MILLION shares in just Jan, Feb and early March of 2015, this year.
Also, they've not been public traded for 10 yrs, but only 7. Their IPO was in 2008 and for all intents and purposes was a dismal failure. They barely lasted 1 yr on the Nasdaq before being de-listed and relegated to the OTC where they've diluted out from less than 20 MILLION share O/S in 2008, to well over 700 MILLION shares today, April of 2015 (and yes, their market cap has massively collapsed, it has NOT remained even close to the same as it was at the time of their IPO, 100% not true).
http://venturebeat.com/2008/02/20/bioheart-a-new-record-for-ipo-futility/
http://venturebeat.com/2008/02/19/three-yards-and-a-cloud-of-dust-bioheart-makes-it-across-the-ipo-goal-line-but-with-little-to-show-for-its-struggles/
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aBNETYMPJCg4
The company has never made a dime of profit, never been even remotely close to cash flow positive (and is still not to this day), and has over $118 MILLION in sunk capital while never producing so much as ONE CENT in ROI to the common shares.
The common stock has lost essentially 99.99% of it's value since its IPO and essentially 99% or more of its common value since the present CEO took over in mid 2010. When the present CEO took over in mid 2010, there were about 30 MILLION shares of common stock O/S, today there is over 700 MILLION.
There has been numerous, numerous so called "new business plans" that were issued in PR's over the years- and none that I'm aware of have ever amounted to a hill of beans- just more dilution and an ever collapsing common share price.
$5.00 to .008 cents is a literal 99.99% loss to the common shares.
From the latest, most recent filed 10-K, covering to early March of 2015- one can see that the company is still MASSIVELY diluting its common shares, that they are cash broke finishing 2014 with a grand total of $34K total dollars to their name despite numerous toxic, convertible debt deals done all during the year to finance their operations. They took a greater loss from operations in yr 2014 than they did in yr 2013 and that's despite hacking out over $500K from their R&D budget and they've not conducted a major FDA level clinical trial since the 2009/2010 time frame, now over 5 yrs ago, due to "lack of funding" in their own words- SEE 10-K FACTS.
http://www.sec.gov/Archives/edgar/data/1388319/000114544315000378/bioheart_10k.htm
PAGE F-34, latest filed 10-K, NO abatement to mass share dilution being used to pay common bills and debt and also qty-3 more toxic, floorless, convertible debt deals done in just Jan and Feb of 2015 for pittances of survival cash- as they are so cash broke:
"Subsequent stock issuances
In January 2015, the Company issued 4,783,568 shares of its common stock in settlement for services, provided 14,299,567 shares of its common stock in settlement of $49,500 of outstanding convertible notes payable, and $2,981 accrued interest and 2,096,450 shares of its common stock for net proceeds of $16,118 from equity drawdown under the Magna Purchase Agreement.
In February 2015, the Company sold an aggregate of 1,443,656 shares of its common stock for net proceeds of $16,270. In connection with the stock sale, the Company issued an aggregate of 1,443,656 warrants to purchase the Company’s common stock for five years at $0.01127 per share. In addition, the Company issued 20,219,367 shares of its common stock in settlement of $132,500 of outstanding convertible notes payable and $2,520 accrued interest and 16,556,976 shares of its common stock for net proceeds of $135,645 from equity drawdown under the Magna Purchase Agreement.
In March 2015, the Company issued 6,185,432 shares of its common stock in settlement of $25,000 of outstanding convertible notes payable and $1,226 accrued interest. In addition, the Company issued 635,357 shares of its common stock as true up shares relating to the February 2015 equity drawdown under the Magna Purchase Agreement."
They're not reducing dilution, LOL. 65 MILLION shares plus (add those numbers up above) in just less than the first 3 months of 2015. They live off of dilution to keep from insolvency and BK, it's as simple as that IMO.
Also, they live off of using toxic, convertible debt- which in turn, as the price drops as it has been- gets just that much more dilutive, death spiral dilutive IMO.
2015 toxic notes already this year- no abating of this dilutive financing as is "claimed", NONE.
PAGE F-34 again:
"Subsequent financing
On January 7, 2015, the Company entered into a Securities Purchase Agreement with KBM Worldwide, Inc. (“KBM”), for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on October 9, 2015. The Note is convertible into common stock, at KBM’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 140% if prepaid during the period commencing on the closing date through 179 days thereafter. After the expiration of 180 days following the date of the Note, the Company has no right of prepayment.
On January 28, 2015, the Company entered into a Securities Purchase Agreement with Fourth Man, LLC., for the sale of an 9.5% convertible note in the principal amount of $25,000 (the “Note”).
The Note bears interest at the rate of 9.5% per annum. All interest and principal must be repaid on January 27, 2016. The Note is convertible into common stock, at Asher’s option, at a 47% discount to the lowest daily closing trading price of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal at 150%, interest and any other amounts
On February 19, 2015, the Company entered into a Securities Purchase Agreement with Vis Vires Group, Inc. (“VIS”), for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on November 23, 2015. The Note is convertible into common stock, at VIS’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 140% if prepaid during the period commencing on the closing date through 179 days thereafter. After the expiration of 180 days following the date of the Note, the Company has no right of prepayment.
F-35"
Toxic, desperation financing notes in amounts of $25K and $38K cause they're supposedly almost cash flow positive, LOL??? Right.
LOL quote, "The earning will blow u away 10 million is a good guess!"
EARNINGS? This company has no "earnings", none. They're not even remotely close to being cash flow positive, let alone ever having "earnings"??
They've got over $118 MILLION in sunk capital and have never produced so much as ONE CENT in ROI to the common shares or any investors.
They live off of mass share dilution- even to pay common bills such as accounts payable, salaries, etc as they do not generate internally anywhere near their own cash needs, let alone throw off any free cash flow, let alone a profit, let alone so much as a CENT of "earnings"?
What page of the latest filed 10-K are the "earnings" on? They took a larger loss from operations in this just filed 10-K for yr 2014, than the loss from operation in 2013.
See the 10-K, there's no "earnings"??
http://www.sec.gov/Archives/edgar/data/1388319/000114544315000378/bioheart_10k.htm
Bid back to the .006's and dilution MM's CDEL and BMAK are back all over it-
0.0069 / 0.0079 (19000 x 400000)
http://www.otcmarkets.com/stock/BHRT/quote
Spread is opened up wide but they're still not getting much buying action- just no retail buyers out there for the most part that I can see.
Ask/sell side is stacked 20 to 1 to the Bid. Very weak in here again.
Both BMAK and CDEL have slid down into 1st position or one off the level II. They both are also bracketing now- sitting tight on both the Bid and Ask at the same time. Looks like the "breather run" is over for now IMO.
They ran a down tranche- punching it to a new all, all time low and then let it come up for some air, looking for any buyers/takers. Now, back on the dilution train IMO.
LOL quote, "just another day of loading"
Loading? It's under selling pressure to the down side? No one's "loading" anything here that I can see?
It's selling off for the most part on a weak Bid with the Ask all stacked to the sell-side. There's no "loading" of anything taking place? Where?
There's 1 million shares parked one level off on the SELL side and not even a 10th of that on the Bid before it drops into the .006's again.
Loading? No.
Only about a lousy $700 bucks worth left showing on the Bid and it might visit the .006's again today.
Bid collapsing again, .0071 and spread is WIDE
0.0072 / 0.008 (100000 x 183900)
http://www.otcmarkets.com/stock/BHRT/quote
Ask actually under down side pressure this AM too.
Both BMAK and CDEL are back down on Level II (the dilution MM's IMO)
BMAK has a 10K share block parked at .009, which is probably the day's "cap" then IMO. It's not going to .017 or whatever, charts are useless when dilution MM's are running the show on a tiny, very ill-liquid nano cap like this one.
This is still in a strong down trend, "technical" and chart wise, despite the bounce off the new all, all, all time low of .0046 set this week.
Until the 50 DMA breaks back above the 200 DMA this is not even close to a trend reversal, let alone the stock moving back to an uptrend of any kind.
They have mountains of toxic, convertible debt deals coming due one after a another in the coming months and they inked 3 more toxic, convertible, floorless debt deals in just Jan and Feb of 2015, as they're so cash broke.
They're also diluting continually using infamous MAGNA, via the $3 million credit line facility they opened with them - and which they stated in the SEC filings related to it that they intend to tap/draw on it all if possible (as the share price collapses they may not even be able to access all $3 million available in the 24 month window).
They're still diluting at a furious pace and I don't see how that would be abating at this point IMO. Dilution rule over charts or any other forces IMO, when it's done at the level this company is doing it- which is 10's and 10's of millions of shares at a time. J
ust in Jan, Feb and early march (PAGE F-34 most recent filed 10-K) they diluted out over 65 MILLION shares of common. That's like 10% of the float in less then 3 months. At that pace, they're gonna add another 40% or more shares to their common O/S float. They double the O/S shares essentially in the prior yr- increasing them from about 300 million to 600 MILLION O/S. They'd easily be past 700 MILLION shares O/S by now IMO, and the 10-Q will show that when issued I believe.
Dilution, dilution, dilution and use of toxic, floorless convertible debt deals trumps any chart or other forces at this point IMO. The down pressure and constant flow of shares to the Ask/sell side is more than any retail buying interest can soak up on this thinly a traded nano cap.
Bioheart doesn't even OWN ALL of U.S. Stem Cell Clinic and they took a loss on it in 2014. Their "investment" in it in 2014, was a pittance of $49K.
And this, this is supposedly going to generate $100 million in revenues annually- LOL? Really?
So with a 33% ownership and the thing is not even profitable yet- BHRT is supposedly going to bring in $100 MILLION in 2015 from this "clinic" LOL !! That means the little "clinic" would need to do over $300 MILLION in revenues to pay BHRT, a 33% owner, at least $100 million. This is as realistic as the "share buyback" plan IMO. A company that ended 2014 with $36K total cash on-hand against over $2 million in just accounts payable and about $11 million in current obligations is going to buy-back their own dilution shares, using more dilution financing, LOL? Really?
http://www.sec.gov/Archives/edgar/data/1388319/000114544315000378/bioheart_10k.htm
Latest filed 10-K, PAGE F-13:
"Investment is comprised of a 33% ownership of U.S. Stem Cell Clinic, LLC, accounted for using the equity method of accounting. The initial investment in 2014 of cash and expenses paid on U.S. Stem Cell Clinic, LLC’s behalf was in aggregate of $49,714. The Company’s 33% loss incurred by U.S. Stem Cell Clinic, LLC of $9,117 was recorded as other income/expense in the Company’s Statement of Operations for the year ended December 31, 2014 and reduced the carrying value of the investment to $40,597."
The thing isn't even profitable as of the 10-K release.
I don't think I've even seen a single PR that even lists the address of this ole "clinic" or what it even looks like? Where's the thing even located- and what's the square footage and facilities like, etc? Is the property owned or leased, etc? VAGUE as usual per BHRT IMO. $100 million in 2015, LOL ! I'll believe that when it happens.
LOL quote, "Bioheart needs about $10 million to complete the 170 patient phase 3 trial (magnitudes smaller compared to pharmaceutical phase 3). This is an autologous stem cell product which has a high degree of safety (no rejection from patient). With their new revenue plan...they may be able to pull this trial off on their own without much more dilution."
What? They got a "revenue plan" now?? Wow, so how did the ole "revenue plan" work out per the recently filed SEC 10-K statement that covered up through March of 2015?
http://www.sec.gov/Archives/edgar/data/1388319/000114544315000378/bioheart_10k.htm
Well, per PAGE 56, they ended 2014 (all THREE people total at the "company", with $36K total, lousy dollars of cash-on-hand to their name and that's w/ almost no assets as a company (about $250K total assets to their name)
PAGE 56:
"At December 31, 2014, we had cash and cash equivalents totaling $36,674; our working capital deficit as of such date was $10,957,443. Our independent registered public accounting firm has issued its report dated March 16th, 2015 in connection with the audit of our financial statements as of December 31, 2014 that included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern."
So that "revenue plan" thingy must of really been cranking along? It was so good that they ONLY needed to DILUTE about 65 MILLION plus shares in the first 3 months of 2015 alone, and take on Qty-3, THREE more toxic convertible debt financing deals in pittance of amounts of like $25K at a time- for survival cash, as well as, tapping the dilution Magna credit line at the same time- for amounts like $100K or so at a time, cause you know, that "revenue plan" thingy has just got um rocking on down the road. Oh, and that's all while they've CUT R&D spending to near zero- hacking out over $500K in what was already a pittance of an R&D budget, you know, the budget that would pay for some imaginary supposed phase 3 trial or whatever, the trial that IS NOT HAPPENING and like MIRROR, a supposed "big phase 3" DID NOT HAPPEN.
PAGE 55:
"Research and Development
Research and development expenses were $66,420 in 2014, a decrease of $560,563 from research and development expenses of $626,983 in 2013. The decrease was primarily attributable to a decrease in the amount of available funds."
There's no trial(s) getting funded LOL, look what they did to R%D to pad the other parts of the balance sheet and be able to "claim" they cut cash use, etc. Fund a $10 MILLION dollar phase 3 LOL !! Also, no phase 3 trial is going to get funded, let alone completed for a pittance of $10 million IMO. It'd be more like 10X that number, ON THE LOW SIDE by all industry norms that are known and published. The FDA could care less about some supposed "stem cells are different" supposedly nonsense- and therefor a phase 3 will be cheaper by magnitudes supposedly, blah, blah. NO WAY IMO. They already have sunk capital of over $118 MILLION and it's not gotten um anywhere near any FDA approval yet- they haven't even conducted a serious, FDA level trial since 2009/2010 and no longer even hold patents or license rights to Myocell or Myocell SDF-1 per their own SEC filings.
PAGE F-34, the "revenue plan" worked so well that they shelled out 65 MILLION shares of pure dilution, in Jan, Feb and just part of March 2015 to pay bills and pay for other items as they HAVE NO CASH and do not GENERATE CASH in amounts anywhere even remotely close to being cash flow positive (such as owing $800K in promissory notes, just for executive compensation, as they HAVE NO CASH to pay it at the time they grant it to 2 people, of a 3 person total company- see page 65, executive compensation, explanatory note on how bonuses were issued as promissory notes)
PAGE F-34:
"Subsequent stock issuances
In January 2015, the Company issued 4,783,568 shares of its common stock in settlement for services, provided 14,299,567 shares of its common stock in settlement of $49,500 of outstanding convertible notes payable, and $2,981 accrued interest and 2,096,450 shares of its common stock for net proceeds of $16,118 from equity drawdown under the Magna Purchase Agreement.
In February 2015, the Company sold an aggregate of 1,443,656 shares of its common stock for net proceeds of $16,270. In connection with the stock sale, the Company issued an aggregate of 1,443,656 warrants to purchase the Company’s common stock for five years at $0.01127 per share. In addition, the Company issued 20,219,367 shares of its common stock in settlement of $132,500 of outstanding convertible notes payable and $2,520 accrued interest and 16,556,976 shares of its common stock for net proceeds of $135,645 from equity drawdown under the Magna Purchase Agreement.
In March 2015, the Company issued 6,185,432 shares of its common stock in settlement of $25,000 of outstanding convertible notes payable and $1,226 accrued interest. In addition, the Company issued 635,357 shares of its common stock as true up shares relating to the February 2015 equity drawdown under the Magna Purchase Agreement."
Add up those dilution shares issued- and it's over 65 MILLION in less than a 3 month period, the first 3 months of 2015. That "revenue plan" didn't slow the pace of dilution in the slightest- those numbers right there prove it IMO.
Also look at the amounts- they're making draws on the MAGNA credit line in pittance amount of like $16K at a time they're so CASH BROKE. Cause the "revenue plan" is working so great, LOL !
And PAGE F-34 TOXIC NOTE DEALS, DONE IN EARLY 2015, cause the "revenue plan" is just throwing off so much cash, LOL !!
"Subsequent financing
On January 7, 2015, the Company entered into a Securities Purchase Agreement with KBM Worldwide, Inc. (“KBM”), for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on October 9, 2015. The Note is convertible into common stock, at KBM’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 140% if prepaid during the period commencing on the closing date through 179 days thereafter. After the expiration of 180 days following the date of the Note, the Company has no right of prepayment.
On January 28, 2015, the Company entered into a Securities Purchase Agreement with Fourth Man, LLC., for the sale of an 9.5% convertible note in the principal amount of $25,000 (the “Note”).
The Note bears interest at the rate of 9.5% per annum. All interest and principal must be repaid on January 27, 2016. The Note is convertible into common stock, at Asher’s option, at a 47% discount to the lowest daily closing trading price of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal at 150%, interest and any other amounts.
On February 19, 2015, the Company entered into a Securities Purchase Agreement with Vis Vires Group, Inc. (“VIS”), for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on November 23, 2015. The Note is convertible into common stock, at VIS’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 140% if prepaid during the period commencing on the closing date through 179 days thereafter. After the expiration of 180 days following the date of the Note, the Company has no right of prepayment.
F-35
"
"revenue plan", LOL ! How bout a share dilution machine plan is the reality IMO.
BMAK IS BACK, just slid down onto the Level II.
Looks like this is it then- and the PR didn't cause any bump today, no effect at all.
0.0084 / 0.0093 (80500 x 698888)
http://www.otcmarkets.com/stock/BHRT/quote
BMAK has now parked the proverbial 10K share block, 1 level off on Level II at .0094, which IMO is then the "cap" for here it looks like. BMAK also now moved back in a few levels down on the Bid, meaning they're bracketing both sides, their typical mode of operation from observing them in the past several months on this one.
Ask/Sell side as shown above is stacked 9 to 1 now to the sell. The dilution MM's are moving back in IMO. They let it breathe, got it back up into a higher profit zone for them, now back to the sell side, dilution dumping, continual sell-side action more than likely IMO.
They, these dilution hedge MM's, run these tranches in stair steps. New all, all, all time low as this week at .0046 then let it pop back up again. Next leg down will break that all, all time low. Wash, rinse, repeat as long as Magna, Asher, KBM, Fourth Man, Daniel James and now Vis Vires are in the picture for a long time to come- as long as they can keep this dilution machine gig going IMO.
LOL, another vague PR "US Stem Cell Clinic Increases Staff to Support Patient Demand and Marketing "
They're really cranking up the ole PR MACHINE it looks like- since this thing tanked to rock bottom, all, all, all time lows this past week. Never fails IMO with ole BHRT.
Notice, the typical vague PR (IMO) it DOES NOT SAY how many supposed "staff" were hired. Know how many times BHRT has put out PR about supposedly "hiring" and "adding to the team" blah, blah, blah? I've got um all archived, at lest a half dozen, but I've lost count.
As of the just filed 10-K, they said they had THREE, THREE total "employees" at the company.
10-K, PAGE F-11:
"The Company has three full-time employees and no part-time employees. The Company is heavily dependent on the continued active participation of its two current executive officers, one employee and key consultants. The loss of any of the senior management or key consultants could significantly and negatively impact the business until adequate replacements can be identified and put in place."
But wait, THREE? Go back and read the old "WE'RE HIRING THE TEAM" ole PR's and ask where those supposed "hires" all vanished too? Where did they go?
Here's one- they said they were hiring THREE more at a time when they had I believe supposedly 3 full time and 1 part time, which means they would have had at least 7 "employees", but no later SEC filing ever matched that number. Why? How does that "work"??
http://www.firstwordpharma.com/node/1140659#axzz3XUbk9kRE
That was the old supposed hiring "regulatory" and "finance" and "admin" ole team members. But where did they ever vanish off to? They never later showed up in any SEC filing I'm aware of?
Or how bout the ole "SOUTH AFRICA" PR that they had a big ole "partnership" and things were going great and a "grand opening" and "big expansion plans" blah, blah, blah.
http://www.marketwired.com/press-release/bioheart-announces-joint-venture-in-south-africa-otcbb-bhrt-1923668.htm
But THEN, THEN came that pesky ole SEC filing a tad bit later- and guess what? The ole "SOUTH AFRICA" supposed "partnership" turns out, well, it just kinda, sorta never was. Just kinda sorta. And it was as vague IMO as this ole PR today.
BHRT 10-Q, PAGE 23:
"We announced a joint venture in South Africa and the facilities called “South African Stem Cell Institute” were successfully opened in September, 2014 with the intention to retain a 49% ownership of the new entity. As of September 31, 2014, however, there was no formal legal entity established and no formal operating agreement for this joint venture. In additional the Company has not yet incurred any material expenses associated with this venture. Management has concluded that as of September 31, 2014 this announcement is not material to the Company’s financial statements."
WHAT? It never actually happened and they had no legal contracts signed or whatever? But the PR said they had a big ole "grand opening" and were "treating patients" and all? How does that "work"??
Or how bout the ole GLOBAL STEM CELL GROUP ole big PR's about supposed "partnerships" and big "stuff" happening and going big and all? What happened to that? It's GONE as of the 10-K, as in NEVER HAPPENED.
http://finance.yahoo.com/news/bioheart-announces-agreement-global-stem-131629865.html
http://www.4-traders.com/BIOHEART-INC-2973332/news/Bioheart--Global-Stem-Cells-Group-Announces-Accredited-Online-Stem-Cell-Training-Course-18541664/
http://www.prweb.com/releases/GlobalStemCellsGroup/COPDClinicalTrial/prweb11559177.htm
LATEST filed 10-K, PAGE 11:
"
We previously partnered with the Global Stem Cell Group to market and make available our AdipoCell adipose derived stem cell therapies to all doctors across the U.S. and in foreign markets. On November 26, 2014, we terminated our relationship with Global Stem Cell Group."
TERMINATED them? And that was after they gave them a chunk of stock and warrants and what not. And now, how'd those ole GRAND SOUNDING ole "GLOBAL STEM CELL GROUP" videos and PR's and all the rest work out? TERMINATED and never to be heard of again- like pretty much all BHRT "PR" and vast "Grand plans" I've read over the years. Later, never seeming to match what comes later in the SEC filed 10-Q's and 10-K's.
Me personally, I'll wait for the 10-Q and see what's said about this ole "clinic" operation- see if they give one detail or actual numbers as to it's revenues, supposed "profits" or whatever that PR is saying. A PR saying they added staff, but it DOES NOT EVEN SAY HOW MANY. CLASSIC BHRT "PR" vagueness IMO.
A big whoop about nothing to me personally.
SPREAD is 17%, GRAND CANYON WIDE, LOL !!
0.0081 / 0.009 (10500 x 50000)
http://www.otcmarkets.com/stock/BHRT/quote
No MM's willing to Bid these shares today- they're in buyer hunt mode.
These MM's are just brutal when they "work" this little one. They've got the spread now at 17% just hunting for any buyer who will bite it looks like. And it's gone to "slow mode" now. Which IMO, means the MM's will probably crush it again here pretty soon.
Buy $5K worth of shares in the AM, decide one wants to sell a few hours later- it would be a 17% loss, if the MM on the Bid would even fill the order for $5K, which I doubt; they'd probably drop the price more than even the 17% spread to be willing to take on $5K worth of shares, making liquidity for them IMO.
Slow-mode + mega wide spread on this one almost always equals MM crusher around the next bend in the road IMO.
These penny nano dilution MM's are as brutal as they come. They ran the crusher for days- then the company ran the "PR machine" pretty much about nothing, now they're trying to hunt up a few buyers.
Imagine what the convertible debt dudes just got their dilution shares for in the last few days if converting toxic debt- they get like 45% and 47% share discounts. So they may have gotten shares, 10's of MILLIONS worth from anywhere from .0025 or so to .005 or so. So if they can get a buyer to take um off their hands now by letting up on this- they're doubling or tripling their money now. That's what Magna, Asher, KBM, Daniel James and all these toxic lenders do, and they're very, very, very good at what they do. Ruthless and as brutal as they get IMO.
LOL quote, "Nice Block 100K buy"
That's a 100K SHARES. Which at these price is what, a lousy $900 bucks worth, LOL?
It's not $100K dollars worth- which would be like 11 MILLION shares or something.
So the MM's got someone for $900 bucks on a mega wide spread. Holy cow, that's incredible, LOL. $900 bucks worth. Wow !!
".008 on the bid?" YEP.
0.008 / 0.0085 (22500 x 28500)
http://www.otcmarkets.com/stock/BHRT/quote
The MM's got the spread opened GRAND CANYON WIDE on this now- they're hunting for buyers IMO. Trying to get anyone to "take" at these prices. But look at the spread- it's enormous, meaning there's not much real organic, retail buyers or buying pressure. It's just being made to look like it's "up big" using a spread so big, that if one bought now, the instant after they own the shares, they'd have to sell 20 seconds later at a 10% plus loss to even "try" and get out if they wanted to.
This is the BHRT "breather" pattern- these MM's always use a mega-wide spread on this one, until the dilution boys get back in and put the foot down on it. Seen it so many times- it's always this same pattern IMO.
If this doesn't move big, and I mean really big, then IMO we'll see the dilution MM's step back down that Level II in a blink, like any day or any moment now. CDEL is parked a little ways out. BMAK just pops in and materializes out of nowhere typically- they just show up with their infamous 10K share block, and it's instant "party over" in a blink IMO.
This is the "BHRT pattern" to me. Volume has dropped off quite a bit today and then spread goes GRAND CANYON wide as the MM's hunt for new buyers, buyers who don't know the BHRT "gig" yet IMO.
There it is, CDEL just slid into 1st position on both the Bid and the Ask dropping it to .008 X.0085, meaning they "bracketed" it now. That may be the "start" of the dilution boys being back IMO- we'll have to see as the day goes on.
50 DMA doesn't mean much at this point on this one IMO, as the 200 DMA and and the 50 DMA are still inverted. Meaning the stock has never even come close yet, to even coming close to making any kind of technical reversal, not for months and months now. It would need to break above the 200 DMA, get the 50 DMA to break above that to even show the first signs of being in any sort of actual "technical" or chart reversal and actual up-trend of any kind. Not happening yet, not even close.
200 DMA is clear out at .017. It'd have to break that first, and stay there until the 50 DMA broke that and moved higher - to even start an up-trend IMO.
Quote, "They're going to run this hard IMO"
THEY WHO? Who is "they"??
The only thing gaming this thing right now IMO- is that the dilution MM's have let their finger off the crusher button for a few "breather days" just as they've done many, many, many times just since even late 2014.
There's a continual flow of toxic, convertible debt deals that will all be coming due in the coming months- I don't believe for a second those hedge fund boys are done selling the "tranches" and ratchets on this one, not a chance IMO.
And then there's Magna, who BHRT is going to be "tapping" continually for survival cash. Magna's not just gonna disappear and let up off their sell-side either IMO. Magna is already holding 10's of million of shares of this from their debt deals, unless that was Magna already dumping and crushing in these past few weeks. But every time BHRT goes back to the Magna cash trough on that $3 million credit-line product, Magna will crush the price IMO. That's Magna's known method of operation, it's well known and documented "on the street".
http://www.bloomberg.com/news/articles/2015-03-12/josh-sason-made-millions-from-penny-stock-financing
http://www.sec.gov/answers/convertibles.htm
Just in Jan, Feb and early March of 2015, BHRT did qty-3 more toxic, floorless, convertible debt deals. Those guys haven't even converted yet IMO, no way. They're coming due down the road here a tad.
They also, just in Jan, Feb and early March of 2015 issued out over 65 MILLION pure dilution shares (many at like .0035 cents each) - to pay the bills. 65 MILLION shares of pure dilution in less than the first 3 months already of 2015. This dilution crushed ain't over yet IMO, not a chance. This is just MM's gaming this thing- like they always do IMO.
Latest filed 10-K, PAGE F-34:
"Subsequent stock issuances
In January 2015, the Company issued 4,783,568 shares of its common stock in settlement for services, provided 14,299,567 shares of its common stock in settlement of $49,500 of outstanding convertible notes payable, and $2,981 accrued interest and 2,096,450 shares of its common stock for net proceeds of $16,118 from equity drawdown under the Magna Purchase Agreement.
In February 2015, the Company sold an aggregate of 1,443,656 shares of its common stock for net proceeds of $16,270. In connection with the stock sale, the Company issued an aggregate of 1,443,656 warrants to purchase the Company’s common stock for five years at $0.01127 per share. In addition, the Company issued 20,219,367 shares of its common stock in settlement of $132,500 of outstanding convertible notes payable and $2,520 accrued interest and 16,556,976 shares of its common stock for net proceeds of $135,645 from equity drawdown under the Magna Purchase Agreement.
In March 2015, the Company issued 6,185,432 shares of its common stock in settlement of $25,000 of outstanding convertible notes payable and $1,226 accrued interest. In addition, the Company issued 635,357 shares of its common stock as true up shares relating to the February 2015 equity drawdown under the Magna Purchase Agreement."
F-34:
"Subsequent financing
On January 7, 2015, the Company entered into a Securities Purchase Agreement with KBM Worldwide, Inc. (“KBM”), for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on October 9, 2015. The Note is convertible into common stock, at KBM’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 140% if prepaid during the period commencing on the closing date through 179 days thereafter. After the expiration of 180 days following the date of the Note, the Company has no right of prepayment.
On January 28, 2015, the Company entered into a Securities Purchase Agreement with Fourth Man, LLC., for the sale of an 9.5% convertible note in the principal amount of $25,000 (the “Note”).
The Note bears interest at the rate of 9.5% per annum. All interest and principal must be repaid on January 27, 2016. The Note is convertible into common stock, at Asher’s option, at a 47% discount to the lowest daily closing trading price of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal at 150%, interest and any other amounts.
On February 19, 2015, the Company entered into a Securities Purchase Agreement with Vis Vires Group, Inc. (“VIS”), for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on November 23, 2015. The Note is convertible into common stock, at VIS’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 140% if prepaid during the period commencing on the closing date through 179 days thereafter. After the expiration of 180 days following the date of the Note, the Company has no right of prepayment."
OTHER TOXIC NOTES "coming due" meaning they will get converted to pure, free trading, dilution shares:
PAGE F-17:
Asher notes:
"The Asher Notes bear interest at the rate of 8% per annum. As of December 31, 2014, all interest and principal must be repaid nine months from the issuance date, with the last note being due August 12, 2015. The Notes are convertible into common stock, at Asher’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion."
"The remaining principle balance as of December 31, 2014 was $151,000."
Fourth Man notes:
"The Notes bears interest at the rate of 8% to 9.5% per annum. As of the year ended December 31, 2014, all interest and principal must be repaid one year from the issuance date, with the last note being due August 28, 2015. The Notes are convertible into common stock, at Fourth Man’s option, at a 47% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. "
"The remaining principle balance as of December 31, 2014 was $75,000."
Daniel James Management notes:
"The Daniel Notes bear interest at the rate of 8% to 9.5% per annum. As of the year ended December 31, 2014, all interest and principal must be repaid one year from the issuance date, with the last note being due November 30, 2015. The Daniel Notes are convertible into common stock, at holder’s option, at a 47% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. "
"The remaining principle balance as of December 31, 2014 was $75,000."
The Magna note: (PAGE F-19)
"Magna Capital Group
2014 Notes
During the year ended December 31, 2014, the Company entered into a Securities Purchase Agreement with Magna Capital Group (“Magna”) for the sale of a convertible note in aggregate principal amount of $307,500 (the “Magna Note”) "
"The Convertible Note matures on August 7, 2015 and, in addition to the approximately 33.33% original issue discount, accrues interest at the rate of 12% per year. The Convertible Note is convertible at any time, in whole or in part, at Magna’s option into shares of Company common stock at a fixed conversion price of $0.01035 per share, subject to adjustment pursuant to the “full ratchet” and standard anti-dilution provisions contained in the Convertible Note."
"The remaining principle balance as of December 31, 2014 was $205,000."
They got toxic, convertible, steeply discounted "notes" due all over the place in the coming months, AND, they keep adding more toxic notes, essentially monthly, THREE of them being added in just Q1 2015. And while all these toxic-soup of "notes" are in the mix and coming due eventually, they got MAGNA in the mix now, tapping MAGNA in on-going "draw downs" on the credit line facility. Who knows how often they will tap Magna, but they wasted no time in early 2015 already tapping that credit line in "draw" of like $135K at a pop. The Magna prospectus statement said BHRT intends to use it all, all $3 million (if they can even get that much off of it as the share price declines)- but they intend, per their own SEC filed wording, to use as much of that $3 million Magna line as possible. Magna, the notorious share price crusher.
http://www.bloomberg.com/news/articles/2015-03-12/josh-sason-made-millions-from-penny-stock-financing
This dilution machine ain't over yet by any stretch IMO. Not even close. This is the typical "breather cycle" it's done so many times past- before BMAK or CDEL or whoever is assigned by these hedge funds steps back in and "does what they do" IMO.
LOL quote, "Dude this should be a $300 million market cap now even without the flagship Myocell approved yet IMO If you look at the competitors"
All except the part about how they haven't done a serious Myocell trial since about 2009/2010 and it's now 2015. Further, they have no more PATENT on ole Myocell.
How's that ole Myocell SDF-1 trial "re-start" working out now that it's Q2, from the "big presentation", LOL?? Wonder which part the $36K cash they had left on-hand, end of 2014 is going to pay for a large, FDA, Phase 3 trial??
Remember MIRROR, the magic vanishing "FULLY FUNDED BY BIOHEART PHASE 3" supposed "trial"- all except the part that it NEVER ACTUALLY HAPPENED, LOL !! ONE patient "enrolled" and then never heard about again, until a one-line in some vague "PR" said it's gone, over, done, never actually took place? Another BHRT classic.
http://www.marketwired.com/press-release/bioheart-announces-phase-iii-mirror-trial-for-myocell-initiated-otcqb-bhrt-1807938.htm
MIRROR, LOL. Yeah.
From the latest filed 10-K, MARCH 2015, PAGE 9:
"MyoCell is no longer protected by patents, which means that competitors will be free to sell products that incorporate the same or similar technologies that are used in MyoCell without infringing our patent rights. As a result, MyoCell, if approved for use, may be vulnerable to competition. In addition, many of the patent and patent applications that have been licensed to us that pertain to our other product candidates do not cover certain countries within Europe."
PAGE 11:
"MyoCell SDF-1 Patents
To develop our MyoCell SDF-1 product candidate, we rely primarily on patents. We had an agreement to license patents from Juventas. These patents relate to methods of repairing damaged heart tissue by transplanting myoblasts that express SDF-1 and other therapeutic proteins capable of recruiting other stem cells within a patient’s own body to the cell transplant area. We believe we will also need to, among other things, license some additional intellectual property to commercialize MyoCell SDF-1 in the form we believe may prove to be the most safe and/or effective.
In February 2006, we signed a patent licensing agreement with the Cleveland Clinic which provided us with the worldwide, exclusive rights to three pending U.S. patent applications and certain corresponding foreign filings in the following jurisdictions: Australia, Brazil, Canada, China, Europe and Japan, or, collectively, the Cleveland Clinic IP, related to methods of repairing damaged heart tissue by transplanting myoblasts that express SDF-1 and other therapeutic proteins capable of recruiting other stem cells within a patient’s own body to the cell transplant area. The term of our agreement with the Cleveland Clinic expired in July of 2009, when the license to the patents was turned over to a Cleveland Clinic affiliate, Juventas. We have an understanding with Juventas to restore the license to the patents once certain milestones have been achieved by Bioheart."
They HAD, past tense a license and now they DO NOT. They have an good ole "agreement" LOL, the ole "agreement" wording, whatever that means. So they don't have the rights to Myocell SDF-1, but are supposedly going to run trials on it, you know, with the $36K cash they had left end of 2014, per this same SEC filed 10-K, LOL??
PAGE 45, now over FIVE YEARS since they've had an actual FDA level clinical trial involving Myocell, it's gone nowhere since then. FIVE YEARS it's been parked.
"We received approval from the FDA in July of 2009 to conduct a Phase I safety study on 15 patients of a combined therapy (Myocell with SDF-1), which we believe was the first approval of a study combining gene and cell therapies. We initially commenced work on this study, called the REGEN Trial, during the first quarter of 2010. We suspended activity on the trial in 2010 while seeking additional funding necessary to conduct the trial. We are seeking to secure sufficient funds to reinitiate enrollment in the MARVEL and REGEN trials. If we successfully secure such funds, we intend to re-engage a contract research organization, or CRO, investigators and certain suppliers to advance such trials. We have initiated and enrolled our first patient in the MIRROR trial in 2013. The trial is very similar to the MARVEL trial but focuses on sites outside the US. We will continue enrollment in the MIRROR trial once we have secured sufficient funds."
The big "new biz plan" PR came out after this 10-K was filed, and slipped in a one-liner that MIRROR IS GONE. OVER. Never actually happened in the first place. So the line above about MIRROR being re-started, not true according to the big ole "new plan" they put out in PR not long after this 10-K was put out. MIRROR enrolled "ONE PATIENT" and then sat for 1.5 yrs, and apparently now is never to be heard from again, even though the initial, grand sounding MIRROR "PR" said/claimed that big ole supposed phase 3 was, "FULLY FUNDED BY BIOHEART", all except the little tid-bit part that it actually wasn't "funded" at all, as it never actually even happened, LOL.
From the 10-K, filed with the SEC end of 2013 (they "scrubbed" a lot of this wording from them most recent 10-K it appears, which is fascinating in itself IMO. All word such as "DEATH" appear to have been "scrubbed" Orwell style, from the 2014 filed 10-K, like they were never in the prior 10-K filings. But the ole SEC has EDGAR, so things don't just vanish)
http://www.sec.gov/Archives/edgar/data/1388319/000114544314000356/d31044-10k.htm
PAGE 31:
"Our product candidates may never be commercialized due to unacceptable side effects and increased mortality that may be associated with such product candidates.
Possible side effects of our product candidates may be serious and life-threatening. A number of participants in our clinical trials of MyoCell have experienced serious adverse events potentially attributable to MyoCell, including six patient deaths and 18 patients experiencing irregular heartbeats. A serious adverse event is generally an event that results in significant medical consequences, such as hospitalization, disability or death, and must be reported to the FDA. The occurrence of any unacceptable serious adverse events during or after preclinical and clinical testing of our product candidates could temporarily delay or negate the possibility of regulatory approval of our product candidates and adversely affect our business. Both our trials and independent trials have reported the occurrence of irregular heartbeats in treated patients, a significant risk to patient safety. We and our competitors have also, at times, suspended trials studying the effects of myoblasts, at least temporarily, to assess the risk of irregular heartbeats, and it has been reported that one of our competitors studying the effect of myoblast implantation prematurely discontinued a study because of the high incidence of irregular heartbeats. While we believe irregular heartbeats may be manageable with the use of certain prophylactic measures including an ICD, and antiarrhythmic drug therapy, these risk management techniques may not prove to sufficiently reduce the risk of unacceptable side effects.
Although our early results suggest that patients treated with MyoCell do not face materially different health risks than heart failure patients with similar levels of damage to the heart who have not been treated with MyoCell, we are still in the process of seeking to demonstrate that our product candidates do not pose unacceptable health risks. We have not yet treated a sufficient number of patients to allow us to make a determination that serious unintended consequences will not occur."
Yeah, it "should be" worth $300 million or some other imaginary number why? That actual market cap is about $5.5 MILLION, not $300 million. That market cap is being set by the free market demand for their common shares.
Quote LOL, "I was gonna say, I know it got bleak for a moment but not that bad. "
Oh yeah, "not that bad" LOL at .008, aka 8/10ths of ONE CENT things are looking on fire, just amazing ??? AND a brand new, shiny, just minted all, all, all, all time low of .0046 or 4/10ths of ONE PENNY. Rip roaring success and "not bad" for sure?
It's only LOST 99% plus of the common share value since going public on the Nasdaq in 2008 in a dismal IPO, then being delisted only barely a year later to the OTC and now losing over 99% of it's common share value, while diluting out from about 20 MILLION shares to now EASILY 700 MILLION or more shares O/S and rapidly climbing, with no end in sight.
$5.00 a share at its dismal IPO in 2008.
$5.00 = 500 cents - .008 cents = 499.992 / 500 = .999984 X 100 = 99.99% TOTAL LOSS to the common share value.
Oh yeah, just a resounding success story, LOL !!
And of course, finishing yr 2014 with a grand total of $36K total cash to their name, THREE total "employees" and massive, massive debts. All while living as a share dilution machine using the "who's who" of toxic, convertible debt hedge lending houses:
PAGE F-34 of the just filed 10-K:
Asher, Fourth Man, KBM Worldwide, Vis Vires group, Daniel James and now Magna - all toxic, share price crushing, convertible debt, LENDERS OF LAST RESORT for cash poor, desperation penny companies.
FANTASTIC, LOL !!
LOL, so it's back as a SUB ONE CENT stock still- now with a mega wide spread between the Bid and Ask.
The dilution boys are gaming this thing like a well oiled machine. Read up on Magna and how they "do what they do". A "pop" after they run a "tranche" and bury it to a new all, all, all time low is normal.
I'm even wondering if BHRT is running some sort of paid penny promotion again, like they've done in the past. Wouldn't surprise me in the slightest.
Nothing's changed- not a thing. This is a mass share dilution machine and has 10's and 10's of millions of shares worth of toxic, convertible debt coming due one after another after another for months, all through the summer and into at least October.
Just dilution MM's working it as usual.
Watch the Bloomberg piece on how Magna does their thing. It describes "pops" as actually being part of the normal stair-step used as they crush these nano-cap pennys they loan their toxic funds to.
http://www.bloomberg.com/news/articles/2015-03-12/josh-sason-made-millions-from-penny-stock-financing
So it came off a new all, all, all time low and is back to a Bid of a lousy .007, big whoop. That's still DOWN more than 50% from the .02 range it was in (or higher) before they inked their Magna deals. This has gone nowhere but down. If SUB ONE CENT now the new "big excitement" on this thing? LOL?
A stock swinging 60% or more in a day based on nothing is comedic IMO. Especially when it's a one cent, 3 person, toxic debt, dilution machine. It's laughable IMO. Someone stated it the other day- the "company" (all 3 people and their $36K cash left in the bank end of 2014) is a JOKE.
Bid just collapsed back to the terrible .004's wow.
It's getting hammered on again this AM. CDEL has the Ask/Sell side just stacked heavy and now several large blocks vanished, were pulled off the Bid, meaning they probably weren't real in the first place.
0.0048 / 0.0052 (300000 x 749999)
http://www.otcmarkets.com/stock/BHRT/quote
Looks like today is still a getting hammered day IMO, at least so far.
It's in total weakness it looks like. Bid fell to .004's again, and Bid/Ask is still stacked 2 to 1 to the sell side. And it's CDEL back on that Ask, they seem to be price crushers every time they appear, like the sister MM to BMAK or something. Tag team, either CDEL or BMAK appear to do most of the "heavy lifting" for the dilution boys, most likely the convertible debt dilution houses or Magna IMO.
Tough sledding here still IMO, at least out of the gate this AM.
Total BS quote LOL, "Removal of Ongoing Concern!
Did anyone notice that besides the very favorable 10K numbers related to: "
WHAT? Uh, NO.
Latest filed SEC 10-K:
http://www.sec.gov/Archives/edgar/data/1388319/000114544315000378/bioheart_10k.htm
PAGE 27:
"
Our independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern.
Our independent registered public accounting firm issued its report dated March 16th, 2015 in connection with the audit of our financial statements as of December 31, 2014, which included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern. In addition, our note to our financial statements for the year ended December 31, 2014 included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern. If we are not able to continue as a going concern, it is likely that holders of our common stock will lose all of their investment. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty."
PAGE 44:
"Our Ability To Continue as a Going Concern
Our independent registered public accounting firm has issued its report dated March 16th, 2015 in connection with the audit of our financial statements as of December 31, 2014 that included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern. Our financial statements as of December 31, 2014 have been prepared under the assumption that we will continue as a going concern. If we are not able to continue as a going concern, it is likely that holders of our common stock will lose all of their investment. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty."
PAGE 56:
"At December 31, 2014, we had cash and cash equivalents totaling $36,674; our working capital deficit as of such date was $10,957,443. Our independent registered public accounting firm has issued its report dated March 16th, 2015 in connection with the audit of our financial statements as of December 31, 2014 that included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern."
PAGE F-2:
"The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has suffered recurring losses from operations and used significant amounts of cash in its operations. In addition, at December 31, 2014 the Company’s current liabilities exceed its current assets by $10,957,443. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/Fiondella, Milone & LaSaracina LLP
Glastonbury, Connecticut
March 16, 2015"
PAGE F-12:
"NOTE 2 — GOING CONCERN MATTERS
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements during year ended December 31, 2014, the Company incurred net losses of $2,253,511 and used $1,108,647 in cash for operating activities. These factors among others may indicate that the Company will be unable to continue as a going concern for a reasonable period of time.
The Company’s existence is dependent upon management’s ability to develop profitable operations and to obtain additional funding sources. There can be no assurance that the Company’s financing efforts will result in profitable operations or the resolution of the Company’s liquidity problems. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern."
The "going concern" was REMOVED, LOL??? Those GOING CONCERN words and warnings are PLASTERED ALL OVER THAT LATEST 10-K, PLASTERED ON IT. AS is the "liquidity problems" warning, LOL. What imaginary "removal of the going concern warnings"?? Where? When did that not happen?
Ya think, just maybe the company and their licensed, fiduciary bound CPA firm and the Sr. Mgt kinda wanted to cover their behinds that this 3 person company is in a bit, a tad of financial trouble, just maybe IMHO, LOL? How many times is that, where they issued those GOING CONCERN (aka financial speak for BK, BANKRUPTCY) "concern" warnings? AND a "liquidity problems" line tossed in for good measure?
They're in dire financial straights IMO, real bad and the LATEST 10-K filed in MARCH 2015, as shown above SAYS JUST THAT USING THE WARNINGS "GOING CONCERN" in numerous, numerous places, including the AUDITOR'S OWN PERSONAL STATEMENT, "Fiondella, Milone & LaSaracina LLP ".
There was no imaginary "removal" of any GOING CONCERN WARNINGS, never happened?
Bid/Ask all stacked to the SELL side at open, CDEL back on Ask
0.0053 / 0.0054 (10000 x 989999)
That's almost 100 to 1 to the Ask/sell side at open, looking weak IMO
http://www.otcmarkets.com/stock/BHRT/quote
CDEL has slid back down on the Ask side with a MILLION shares for sale, wow. CDEL is who did most of the hammering down on this the past week- as BMAK moved off a bit. CDEL appears to do some of the dilution seller's "work" when BMAK steps out periodically.
Not much showing on the Bid this AM to chew through to get back to .005 and then it's the .004's again below that.
We'll see I guess. Stacked heavily to the weak side at open it looks like IMO
GOING CONCERN WARNINGS IN LATEST 10-K, NOW MANY TIMES?
Well, lets see- (and it's would have to have only gotten much, much, much worse as this share price has occurred IMO, as they live off of 100% pure dilution funding deals, "toxic" convertible floorless debt deals which get worse and harder to get cash the lower the share price goes)
Latest filed SEC 10-K:
http://www.sec.gov/Archives/edgar/data/1388319/000114544315000378/bioheart_10k.htm
PAGE 27:
"
Our independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern.
Our independent registered public accounting firm issued its report dated March 16th, 2015 in connection with the audit of our financial statements as of December 31, 2014, which included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern. In addition, our note to our financial statements for the year ended December 31, 2014 included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern. If we are not able to continue as a going concern, it is likely that holders of our common stock will lose all of their investment. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty."
PAGE 44:
"Our Ability To Continue as a Going Concern
Our independent registered public accounting firm has issued its report dated March 16th, 2015 in connection with the audit of our financial statements as of December 31, 2014 that included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern. Our financial statements as of December 31, 2014 have been prepared under the assumption that we will continue as a going concern. If we are not able to continue as a going concern, it is likely that holders of our common stock will lose all of their investment. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty."
PAGE 56:
"At December 31, 2014, we had cash and cash equivalents totaling $36,674; our working capital deficit as of such date was $10,957,443. Our independent registered public accounting firm has issued its report dated March 16th, 2015 in connection with the audit of our financial statements as of December 31, 2014 that included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern."
PAGE F-2:
"The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has suffered recurring losses from operations and used significant amounts of cash in its operations. In addition, at December 31, 2014 the Company’s current liabilities exceed its current assets by $10,957,443. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/Fiondella, Milone & LaSaracina LLP
Glastonbury, Connecticut
March 16, 2015"
PAGE F-12:
"NOTE 2 — GOING CONCERN MATTERS
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements during year ended December 31, 2014, the Company incurred net losses of $2,253,511 and used $1,108,647 in cash for operating activities. These factors among others may indicate that the Company will be unable to continue as a going concern for a reasonable period of time.
The Company’s existence is dependent upon management’s ability to develop profitable operations and to obtain additional funding sources. There can be no assurance that the Company’s financing efforts will result in profitable operations or the resolution of the Company’s liquidity problems. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern."
Ya think, just maybe the company and their licensed, fiduciary bound CPA firm and the Sr. Mgt kinda wanted to cover their behinds that this 3 person company is in a bit, a tad of financial trouble, just maybe IMHO, LOL? How many times is that, where they issued those GOING CONCERN (aka financial speak for BK, BANKRUPTCY) "concern" warnings? AND a "liquidity problems" line tossed in for good measure?
They're in dire financial straights IMO, real bad.
Market cap HAS TOTALLY COLLAPSED to a pittance of $3.69 MILLION as of yesterday.
As of last filed 10-K, BHRT had only $36K cash left on-hand and just accounts payable alone of over $2 MILLION dollars. They're insolvent for all intents and purposes IMO and per the "going concern warnings" apparently the opinion of their own auditors.
The more the price collapses, the harder it gets for them to raise even pittances of cash using the dilution machine toxic debt deals from the hedge fund houses (Asher, Daniel James, Vis Vires, Fourth Man, KBM Worldwide, etc)
They're in the death spiral IMO, a classic dilution machine death spiral.
If they couldn't dilute 10's and 10's of MILLIONS of shares constantly- they'd of been BK a long, long time ago already. They're teetering on BK now IMO, and much closer now with the collapsing share price and collapsed market cap. It gets harder by the day for them to raise pittances of survival cash- and all they are as a "company" is THREE people left, per their own latest filed 10-K. THREE, LOL !!
Here's the SEC and a few other good articles explain what a toxic debt, convertible floorless debt death spiral is:
http://www.sec.gov/answers/convertibles.htm
http://en.wikipedia.org/wiki/Death_spiral_financing
http://financial-dictionary.thefreedictionary.com/Death+Spiral
http://financial-dictionary.thefreedictionary.com/Toxic+Convertible
http://www.investopedia.com/terms/d/deathspiral.asp
And now BHRT hit the desperation straights so bad- they went to the notorious of the notorious, MAGNA.
Here's what Bloomberg Finance, one of the most reputable financial journalism sources in the world had to say about who MAGNA is and who the guy behind it is- not a pretty picture of what happens to nearly all company's that in desperation for cash, go to Magna for bottom of the barrel financing deal- fascinating financial journalism piece IMO:
http://www.bloomberg.com/news/articles/2015-03-12/josh-sason-made-millions-from-penny-stock-financing
Josh Sason, the guy IMO who now essentially, for all intents and puposes "owns" the trading dilution on BHRT. His reputation in penny-ville as a share price crusher is far and wide and well documented.
BS quote, "Mega bounce coming $$$ -Pier."
NO. This company has nothing but mass dilution coming. The 10-K explains it in detail. They diluted 65 MILLION shares in just Jan, Feb and early March 2015.
There's a toxic, convertible note deal, at least one or more coming due pretty much every month through the entire summer and till at least into Oct and now even one or two coming due by early 2016 if they're even still in business and not BK IMO.
Add to that, they're going to be tapping Magna continuously per their own statements in the SEC prospectus they filed - and this thing is going to be continually buried under a mountain of dilution shares.
The O/S share count by now is EASILY well, well past 700 MILLION and much more than that fully diluted.
There's no mega bounce coming- there's mega dilution coming IMO.