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LOL ! Quote: "Does this mean we get to buy this cash cow for cheaper??"
"cash cow"?? The company ended the last qtr with $46K TOTAL cash on-hand, not even the price of a mid level luxury auto like a basic Lexus SUV. "cash cow"- that's too funny !! $250K or so TOTAL assets to their name as of their last SEC filing, they own essentially nothing for all intents and purposes- they have no cash or cash reserves. The news today- is Apple and MSFT have a combined $300 BILLION in cash and are adding more. Those are "cash cows".
BHRT is a DEBT COW, not a "cash cow"?? Not by any stretch of an imagination.
From their last filed 10-Q, PAGE 36
"At September 30, 2014, we had cash and cash equivalents totaling $46,592. However our working capital deficit as of such date was approximately $10 million. Our independent registered public accounting firm has issued its report dated March 24, 2014 in connection with the audit of our financial statements as of December 31, 2013 that included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern and Note 2 of our unaudited financial statement for the quarter ended September 30, 2014 addresses the issue of our ability to continue as a going concern."
Same 10-Q filing PAGE 12:
"NOTE 2 — GOING CONCERN MATTERS
The accompanying unaudited condensed 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 unaudited condensed financial statements, during nine months ended September 30, 2014, the Company incurred an operating loss of $1,247,199 and used $747,184 in cash for operating activities. As of September 30, 2014, the Company had a working capital deficit (current liabilities in excess of current assets) of approximately $10.0 million. 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."
CASH COW companies DO NOT have "going concern warnings" to shareholders in their SEC filings. CASH IS KING and thus "cash cows" never, ever, ever have "going concern" or "liquidity" problems. BHRT ain't a "cash cow" company by any stretch of a vivid imagination- that's for certain per their own SEC filings. They, BHRT, are nearly cash broke at any given time- barely even able to pay their day to day or month to month debts and obligations- often using common stock to pay common bills such as "accounts payable" or "interest owed" etc as they have no cash to pay those bills with.
Same 10-Q filing, most recent, PAGE 27:
"Subsequent issuances
On October 3, 2014, the Company issued 514,886 shares of its common stock as payment of $70,521 interest on its Northstar (related party) debt.
In October 2014, the Company issued 1,818,182 shares of its common stock in settlement of $20,000 of convertible debt.
In October 2014, the Company issued 1,293,103 shares of its common stock in settlement of $15,000 of convertible debt.
In October 2014, the Company issued 2,260,764 shares of its common stock in settlement of $18,000 of convertible debt and accrued interest of $2,120.
In October 2014, the Company issued 552,846 shares of its common stock in settlement of $5,500 of convertible debt and accrued interest of $1,300.
In October 2014, the Company issued an aggregate 2,773,549 shares of common stock for consulting services.
In October 2014, the Company issued 538,875 shares of common stock in settlement of accounts payable."
MASSIVE DILUTION revealed in the recent 8-K filing.
When they released the recent 8-K for the "proxy voting" items- they gave the common share count O/S at the beginning. It's a massive increase over the last share count from the 10-Q filing of Q-3 2014.
http://www.sec.gov/Archives/edgar/data/1388319/000114544314001305/d31740.htm
From the last filed 10-Q, PAGE 1:
"As of November 6, 2014, there were 558,942,523 outstanding shares of the Registrant’s common stock, par value $0.001 per share."
From the recently filed 8-K, PAGE 2:
"At the Annual of Stockholders (the “Annual Meeting”) of the Company held on February 2, 2015, the stockholders of the Company approved each of the proposals set forth below by the final voting results (based on 610,475,357 common shares and 20,000,000 Series A Preferred Shares with voting rights) set forth below."
So from Nov 6, 2014 to Feb 2, 2015 (a period of just a little less than 3 month) BHRT appears to have diluted out another 610,475,357 - 558,942,523 = 51,532,834 shares.
That's another 51 MILLION shares of dilution in about the most recent 3 months (and remember the "fully diluted" is much, much higher than that- it was already 650 million shares as of that last 10-Q filing. "fully diluted" must take into account all shares promised as option grants, promised to be delivered to others via warrants and other derivative mechanisms and so forth. So it's even a bigger number, I'd guess easily past 700 million shares "fully diluted" now)
51 million share / 3 = a rate of about 17 million shares a month or a rate/pace of about 200 MILLION shares of dilution for the coming year. It may actually be or get much worse than that IMO as they draw down on the Magna credit line if the price stays this low or drops even further, and they said in the Magna share registration SEC filing they, BHRT intend to "draw down" and use all $3 million of that Magna line which will equal just massive, massive more dilution shares. Last yr (2013 to 2014 they diluted out about 300 million total shares fully diluted, so this yr is tracking similar IMO)
That 51 million number, we don't even know if it includes a single "draw" yet on the new Magna credit line facility which will be massively dilutive. Remember, the lower the share price goes as it has recently, then the more dilutive and the more shares Magna would get for any draw-down on that credit line for each cash request BHRT would make.
Any way one slices it- the dilution is on-going and massive and unabated IMO. The numbers in those filings to me prove that on-going dilution is just continuous and at a massive pace, no other way to slice it to me. No sign of any real slowing or whatever in dilution as was spoken of recently- I don't see any indicator of that IMO. None. 51 MILLION shares of pure, raw common share dilution in about the most recent 3 months time period, about how it was pacing last yr (notice, despite and "revenues" or whatever).
Again, the "fully diluted" shares will be even much higher- as they hand out boat loads of options and warrants and "other" derivative and underlying promised shares and "stuff" for all kinds of reasons plastered throughout any of their 10-Q or 10-K filings.
From the last 10-Q filing, PAGE 9:
"Fully diluted shares outstanding were 659,543,477 and 323,296,916 for the three months ended September 30, 2014 and 2013, "
So another 100 million or so shares of common dilution get added on to the O/S shares count when all promised/possible options, share grants, warrants and all the rest are accounted for- as the company must set those aside as they essentially "owe" them to someone at some future date.
Oh, might still sink it on the close- they got those little retail buyers on like an 18% spread on the Ask.
But I'm seeing a big ole, once again, near perfect looking 400K block red-line spike sell right into the close it's looking like- like they might of dropped it back near the 1 CENT bid.
3:41 Eastern last trade so far. Lets see if they print a final into the close- and if they use it to drop it on what looks like that 400K share sell block. Almost 15 to 20 minutes not a single trade so far- after they painted it back up to .0124.
3:56 Eastern- and they dropped it to .011 on that big sell block looks like- so it flat-lined for 15 minutes and then a big ole sell block to drop it right into the close. OTC MM's doin thare thang. Down 12%.
3:58:41 and now .0103, down 19% on the day, with some final sells seconds into the close. Wow. They really wanted to plaster it down I guess. But "walked it up" clear to .0124, just prior- on tiny vol, like they were setting the table to print that final, big 400K sell block. OTC MM's just brutal IMO. Amazing but brutal.
And BMAK was sitting opposite itself on the Bid/Ask with two 10K share blocks. Bid 10K .0099 and Ask .0125. Always a 10K share block.
Wow, this is wild trading. These MM's just amazing IMO. 20% swings in a blink- and the sell spikes are the high vol prints, then the buys are tiny but used to open the spread real wide and "paint it" way back up like it was back at .0124, just moments ago. I wonder if they're getting retail folks to bite on those ultra wide spreads and then crushing um down only one trade later, or is it the same MM using tiny buys to "paint it up" when needed? Fascinating?
Amazing to watch, but too much "Vegas" for me personally right at this point. I'd feel like I could get bulldozed as fast as I took a position- the way they're yanking and banking this thing this past week. Really wild stuff.
Pretty rough day for the first Monday after the big presentation and slide show and conference call and all. Not sure what to make of this trading action in here- after all that big news and PR week?
Spread back to wide open. These MM's are a thing of perfection to watch.
They crushed it right about the same time they do every AM (pre Noon Eastern) - on very large share block selling.
Now, heading to end of day- they open the spread back super wide and are "walking it back" up on micro trades, a fraction of the selling size blocks.
It's amazing to watch. They crushed it to sub 1 cent in a blink again today- that's two trips to sub 1 CENT in less than week. Then they let it breathe a bit, then looks like it's maybe gonna be wash, rinse, repeat for some time to come still.
Just amazing how they can use micro buys, the little retail orders - only letting those retail buys fill on the very wide spread to get it back "up" where they want it, then just plaster it again the next day or maybe a few days later. Whoever these OTC penny MM's are- they got this down to a fine art IMO.
And ole BMAK is setting the "cap" it appears- they've moved back up tight on the Ask with that same, perfect 10K block now at .0125. Like they're gonna perhaps cap out the price at that level for the day. Always a 10K block for BMAK.
http://www.otcmarkets.com/stock/BHRT/quote
.0099 day's low. Two zeroes after the decimal.
So it already broke back below 1 CENT again even after the big "presentations" and all. I don't see any support at .0087 or wherever- I don't know where the bottom is on this one now. It seems like the bid can drop at will- like 20% or more in a blink and the volumes are still very high to the downside- this is not light selling. It looks like "big boys" selling for someone IMO.
So it seems like the PR and all the rest- just doesn't mean mo-mo buying or big "run-ups" like they used to perhaps? Some "PR fatigue" maybe and just too much pure, raw, massive common share dilution down pressure to overcome perhaps?
It's sure been looking awfully weak all into 2015 so far- despite all the PR good news and presentations and conference call and all? Maybe people aren't understanding whatever this new business model thingy is really all about or something? It's kinda confusing to me, that's for sure. I don't even understand what exactly they're selling or who they're "treating" for fees and all- when their own SEC filings say they carry no product liability insurance and actually that they have no "approved products"? That all still has me pretty confused personally- I don't really get it. A lot of the PR and "presentation" stuff seems to directly contradict their own SEC filing statements to me. And then Myocell not being under patent anymore and SDF-1 seeming to be licensed to some other firm now- Juventas or whatever they're called? And then MIRROR the big "phase 3" trial- after all that PR about 1.5 yrs ago and "fully funded by Bioheart"- now MIRROR just vanishes and is "cancelled" in this Jan 2015 PR, and apparently just never really even happened and was never really even "funded" at all, etc? Very confusing to me.
Like this statement from their own 10-K filings- I just can't seem to figure out then what they're now "selling" as "treatments" then for "revenue"? How can that be matched to this wording in the 10-K? It's very confusing to me?
Last filed 10-K, PAGE 39:
"We do not currently have product liability insurance because none of our product candidates has yet been approved for commercialization. While we plan to seek product liability insurance coverage if any of our product candidates are sold commercially, we cannot assure you that we will be able to obtain product liability insurance on commercially acceptable terms, if at all, or that we will be able to maintain such insurance at a reasonable cost or in sufficient amounts to protect against potential losses.
Claims may be made by consumers, healthcare providers, third party strategic collaborators or others selling our products if one of our products or product candidates causes, or appears to have caused, an injury. We may be subject to claims against us even if an alleged injury is due to the actions of others. For example, we rely on the expertise of physicians, nurses and other associated medical personnel to perform the medical procedures and processes related to our product candidates. If these medical personnel are not properly trained or are negligent in using our product candidates, the therapeutic effect of our product candidates may be diminished or the patient may suffer injury, which may subject us to liability. In addition, an injury resulting from the activities of our suppliers may serve as a basis for a claim against us.
We do not intend to promote, or to in any way support or encourage the promotion of, our product candidates for off-label or otherwise unapproved uses. However, if our product candidates are approved by the FDA or similar foreign regulatory authorities, we cannot prevent a physician from using them for any off-label applications. If injury to a patient results from such an inappropriate use, we may become involved in a product liability suit, which will likely be expensive to defend.
These liabilities could prevent or interfere with our clinical efforts, product development efforts and any subsequent product commercialization efforts, all of which could have a material adverse effect on our business."
Or this statement on PAGE 31 of same 10-K filing, in which they say pretty clearly- they don't have "enough data yet" on their "product candidates" to know if they're safe for use in humans- so what exactly are these treatment/therapies they're selling now in their so called "stem cell clinic" business segment on Slide #8 of that 8-K SEC filing "presentation" for what appears to be use on people/humans in South Africa or Honduras or Mexico and now I guess even on U.S. soil or wherever? I just don't get that either? Are they offering un-proven "treatments" to people/humans that are not part of a clinical trial in a FDA type trial based, controlled and monitored setting? Cause that's pretty much what it sounds like to me, just the way I'm hearing and reading what they're now claiming, seeing that Slide #8 of that 8-K presentation exhibit filed with the SEC?? Very confusing to me?
10-K, 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."
But the PR and "presentation" stuff seems to sound like they're "selling" (as in commercialized) "therapies/treatments" like Adipocell? That's the way I sorta read/heard it explained? I could be wrong? But if one read that same 10-K filing, Adipocell is a "product candidate" and thus it says right there- that it's not been tested or proven safe for sure yet in humans?
Same 10-K, PAGE 53 (Adipocell is called a "product candidate", not a commercial product yet)??
"Biotechnology Product Candidates
We are focused on the discovery, development and, subject to regulatory approval, commercialization of autologous cell therapies for the treatment of chronic and acute heart damage. In our pipeline, we have multiple product candidates for the treatment of heart damage, including MyoCell, Myocell SDF-1 and AdipoCell."
So what exactly are these "treatments" or "products" they're now selling in these "stem cell clinics"? I just don't quite understand how that works given that 10-K, very clearly written (IMO) statement above?? Just don't quite have that figured out yet?
Just sunk Bid to 1 CENT. Looks very possible it's gonna go sub 1 CENT again this week IMO.
http://www.otcmarkets.com/stock/BHRT/quote
And one better be interested in who MM BMAK is and what they're doing on the Level II, IMO. They're notoriously coupled to Magna and Asher per simple web research- and they can sink and crush a penny stock price like a bulldozer. Ya think they get parked on the Ask with perfect 10K share blocks daily, cause they've really got a 10K share order coming in from some retail order being placed? Really?
And no, I didn't understand one word of "Business 101" or whatever it was. Not a word. Makes no sense to me. Just total confusion to me?
I guess in the "medical field" one can issue out all the PR they want- even though the PR "claims" appear to have never actually occurred as stated when the SEC filing comes along later?? cause you know, tigers and lions and the "President of South Africa" and blah, blah "might" have happened in some vast child like imagination world?
PR is supposed to be issued AFTER the events factually occurred- not in some "they might of" but oops, some imaginary "President" now wants money from us fantasy scenario? How could "no material costs" have occurred as the 10-Q filing now states- when according to PR, a "grand opening" was stated to have ALREADY OCCURRED and a Sr Mgt member of BHRT was "claimed" to have flown down there (a South Africa trip costs money last time I checked- as in it would be a "material travel expense" IF it had actually occurred) and how did new equipment provided by BHRT (as the PR claimed was going to happen, cryo equipment among other "claims") how did that get installed but BHRT again now states in a SEC filing that "no material costs" were incurred by this "partnership" that never actually existed- as no legal documents (aka a CONTRACT) actually ever existed now per BHRT's own SEC filing?
In what fantasy imagination world of supposed "business 101" is that all just "explained away" cause you know, "It's the medical field" where you know, I guess "stuff" gets a free pass, unlike say any other business segment like computers or oil and gas or auto or aircraft or durable goods or any other 100's of industry segments. I'm not familiar with the SEC portion of law that states, "In medical you can just make stuff up in PR" cause you know, "It's the medical field where "stuff" changes anf all" and plus- there might be lions or tigers or whatever??? What? HOW did the doctor at his South Africa tiny "clinic", how did he already "treat patients" as the 2nd "South Africa PR claimed" if he was eaten by a lion?
Business what? Not business 101, that much is for certain.
BAMM, there it goes like clockwork. Almost the exact same time every AM IMO.
It just printed two near perfect 100K share sell blocks, followed by a near perfect 200K share sell block, ole red-lines on the daily chart.
And what happened when those fairly large sell blocks printed and that bid was just sunk? BMAK just moved right down the Level II to now sitting with a perfect 10K share block like they do everyday they appear. Now BMAK 10K shares on the Ask at .0125.
Just like that. BMAK was way out, several levels deep at like .0149 or something. Then the big, single chunk sell order of 200K shares pops off and BMAK slides right down that Ask to now sit on it with a 10K share block (always 10K shares for BMAK)- now at .0125
http://www.otcmarkets.com/stock/BHRT/quote
Always about this time of day- from what I've been observing for weeks now. Fascinating.
Quote: "8k has great stuff in it.....OCAT is ..The Little Engine that Could... soon to be The Little Engine that DID "
Sure. Right. "great stuff"?? Is "stuff" even a business term?
Every presentation since this science experiment began is full of supposed "great sounding stuff", for over 10 yrs now. Great supposed "stuff" has been "presented" for as long as anyone can probably remember.
What's it ever done for the common shares, common shareholders or what's all this "stuff" ever amounted too?
The stock has lost about what, like 98% or more of its value since going public and never produced so much as ONE CENT of ROI to investors- despite being diluted out to 3.5 BILLION plus shares, all while "stuff" has been endlessly presented and talked up. Yeah, "stuff", right on. Sure.
Why's the common shares trading at barely over 6 CENTS pre R/S, the same place they were trading under Gary Rabin over 5 yrs ago? Why's that the reality versus the "great stuff" version of the story?
Quote: "Like to see where they ended up with for all of 2014 revenues. 1.6 million was for the 3rd quarter. I hope they broke 2million in revenue for 2014 and I think they might have with that Australia implementation."
1) I'd like to see where the LOSS from operations ends up for 2014. So far it's much larger than the loss from operations in 2013, despite "revenues".
Last filed 10-Q, PAGE 5 (9 months ended Sept 30, 2013 versus 2014)
Net loss from operations 2013: (2,190,385)
Net loss from operations 2014: (2,545,703)
A "parenthesis" indicated a loss. The 2014 loss is already about $355K larger 9 months into the yr, despite "revenues". That's because expenses are growing faster than top-line "revenues", and that's despite R&D spending being cut to almost zero (not even $3K a month in last qtr)
2) I want to see how much more massive share dilution occurred for all of 2014 over 2013. So far it looks like more than a doubling of the O/S shares has occurred in 2014. From less than 300 million or so in 2013 to sell over 600 million in 2014 and rising fast- the 10-K will show the actual fully diluted share count right up until the day it's filed, probably in early March 2015. I think it will be fascinating to see if they've passed 700 MILLION shares fully diluted which I think is very possible given the recent Magna financing deals among other things they issue common shares out for.
3) I have no idea what an "Australia implementation" even is or even means? Is that a business term? What is "implemented"?? Is it kind of like the ole "South Africa" I guess "implementation" or "PR" they put out? Like that one?
Here is the "South Africa PR" and then the SEC filing that followed- compare the two. I find that particular "implementation" to be fascinating to say the least. How they had "big plans" in the PR and even a "grand opening" and a "business deal" in the PR's and what not. But then that pesky ole SEC filing comes along- and by gosh, it says they never really had anything "signed" with that ole South Africa "deal" and by golly, now mgt is declaring that "nothing material" really happened down there in ole South Africa. Pretty amazing IMO.
So is that sorta how the "Australia" vague "thingy", whatever "it" is, is that how it's gonna work I wonder? What exactly is taking place in ole Australia, like in terms of financial details, contract details, business details, etc? What?
Here's the ole South Africa "story" which again, to me personally, I just found fascinating to say the least:
The South Africa "thingy" ole PR's:
http://www.marketwired.com/press-release/bioheart-announces-joint-venture-in-south-africa-otcbb-bhrt-1923668.htm
Wow, great "PR", a "joint venture"- sounds great, eh?
Gosh, then another South Africa "PR" and even a "grand opening" like 3 months after the first PR. Super great sounding stuff. Yeah.
http://finance.yahoo.com/news/bioheart-announces-grand-opening-facility-120000841.html
Well, then comes the ole SEC 10-Q filing. The "real deal" IMO. And here's what's reported in that SEC filing about the South Africa "deal" and "grand opening" and even "patients treated" and "facility expansion" and "working with the South African govt" and "millions will be treated or reached" or whatever- read the wording now in the SEC filing, just a "tad" bit different sounding to me. But hey, maybe it's just me:
http://www.sec.gov/Archives/edgar/data/1388319/000114544314001305/d31740.htm
Latest filed 10-Q, PAGE 23:
"Joint Venture
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? NO "formal legal entity" blah, blah? HOW CAN THAT BE? The PR's, more than one- said it was all rolling along and open for biz? I mean "grand opening" and "people treated" and a "joint venture" and even said Comella was there, I'm pretty darn sure those ole PR said she was there? So how did BHRT not yet "incur any material expenses" yet? How's that possible? Not even travel expenses to send Comella clear to South Africa and also this supposed "equipment" (some cryo thingy) that was supposedly installed down there and facilities to be expanded and all? What?
I don't get it? How is that possible? Is that sorta how this "Australia implementation" thingy stuff is gonna work? Any details and specifics- like real, real business specifics about BHRT and "Australia"?? I'd sure love to read um- just for my own personal due diligence. Where are those details and very, very specifics about "Australia"? I'm gonna have to look for those I guess.
Quote: "For anyone that wants to do some DD on BioHeart. I would suggest reading all the archived PR from the last 2 years. If you start from two years ago and work your way to the last PR you'll see the business plan unfold perfectly. IMO"
PR as a source of info and especially "due diligence" about a public traded company?
If anyone wants to do their due diligence (DD in the quote above)- I'd suggest going back as far as one wants, all the way to 2008 when BHRT first bean trading as a public company and reading cover to cover every SEC filing BHRT has ever posted/reported to the SEC.
If you read those, starting 2 yrs ago, 1 yr ago or better yet all the way to 2008/2009, I think you'll see the true condition of the business, any business "plan" (they change nearly constantly IMO, one will find via reading SEC filings) an see the true financial condition (also things like massive, massive common share dilution) as it's actually unfolded- including how many of the "PR" just never actually came true. Perfectly IMO.
All the SEC filings are found here on the SEC (U.S. Federal govt Securities and Exchange Commission maintained site, the main regulatory body for all U.S. public traded stock markets)- every last one:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001388319&owner=exclude&count=40&hidefilings=0
Here's just a couple of "PR" that were part of the "business plan" - try and find um later in the SEC filings to see what happened to those great sounding "PR" and "plans" and all (just as a couple of random examples):
http://www.marketwired.com/press-release/northstar-launches-20-million-private-placement-round-with-proceeds-fund-bioheart-trials-otcqb-bhrt-1713163.htm
http://www.marketwired.com/press-release/bioheart-receives-2-million-term-sheet-investment-offer-from-vitalmex-global-leader-otcbb-bhrt-1686526.htm
http://www.marketwired.com/press-release/bioheart-announces-phase-iii-mirror-trial-for-myocell-initiated-otcqb-bhrt-1807938.htm
http://www.bizjournals.com/southflorida/stories/2010/07/26/daily1.html
http://www.prnewswire.com/news-releases/bioheart-announces-cell-therapies-program-in-the-middle-east-for-congestive-heart-failure-and-peripheral-arterial-disease-patients-95110334.html
Those are some good "PR" IMO to compare to the SEC filings later- to see how the "plan" turned out in reality.
I'd personally, if it was me, read the SEC filings over any "PR", but that's just me. IMO, the SEC created the entire concept of having public traded companies be required to present "SEC FILINGS" (10-K, 10-Q, etc) as the way for the investing public to do "due diligence" versus only having company "PR" available. Notice, the SEC isn't interested in what's said in "PR", the SEC wants formal, SEC filings that are signed off by the company's most Sr. Mgt and company officers. I personally think the SEC evolved this system of reporting over the years for the very reason that "PR" nearly always "sounds good" but SEC filings give a whole lot more required info.
My 2 cents.
Spread WIDE OPEN again. Looks like MM's trying to "work it" in low vol, high spread mode again.
Opening red on low vol with Bid down at .0119 but Ask wide open as high as .0148 now pulled in a bit to .0130.
Even priced now at just above 1 CENT there's really just not much buying pressure or interest here on this one it seems? It traded about 300K shares out of the open (about $3,600 worth) but has already slowed down with a greater than 10 minute, maybe 15 minute gap now w/o a single trade posting- like it's gonna be maybe flat-linging mode again today?
BHRT fired off the "big presentation" and conference call and all the PR and what not- but no real big buying pressure at a retail level it seems to me. It just trades up a bit on PR hype cycles then sells right back off- like just a day trading mo-mo play every once in a while more than an investment buy. And it moves so fast and violent on those spikes up and especially then back down and can be so ill-liquid; it's like playing in front of a freight train to me.
BMAK has moved back off the Ask a few levels but is still lurking out there.
http://www.otcmarkets.com/stock/BHRT/quote
So DELAYS is all the "new" dates are really saying in the ole "presentation".
Nice when one can keep dangling carrots out there and is free to just keep moving the goal posts "at-will" when dates or deadlines or commitments are failed to be met.
What ever happened to all the "stuff" supposedly that was going to happen before the end of 2014? What, oh- it's now just "pushed out" and now it's "end of Q1, 2015". And I suppose if they fail to hit those target dates- then a new "slide" goes up and it'll just say "Q-2, 2015" wash, rinse, repeat.
Notice, they never explained the we-uplisted-but-oops-really-never-actually-uplisted fiasco that occurred end of 2014? Funny how that just vanished and has never even been spoken about by Sr. Mgt- making the FINRA "daily list" and all the rest, including the stock failing to properly quote for weeks, people's retail accounts going blank for days, trades unable to properly execute at brokerages even with broker phone support help and all the rest?
Where the "slide" that tells the story and details about all that? How do they just manage to leave the pesky detailed stuff out off all these grand sounding "presentations" and all?
Hey, lets just pick the "good sounding stuff" and selectively choose what to present- and just leave out all the other pesky details. Yeah, that's a great idea. Do they issue rose colored glasses for free I wonder at these "presentations"?? I'd like to get a pair- cause Reality-ville is sure different place a lot of the time it seems from presentation-ville IMO.
Quote: "There are cash flow opportunities today in addition to a potential MyoCell FDA approved therapy. They are making revenues QTR after QTR. They are becoming a cash flow company now in my opinion."
"revenues" do not = positive "cash flows" for a business. Not how it works. "cash flows" come from operations, from financing activities and investing of cash.
BHRT does not come close to generating enough cash from operations to be cash flow positive. They don't even generate enough cash when using dilutive, toxic convertible debt financing combined w/ cash from operations to be even close to "cash flow positive".
They, BHRT, finished last qtr with a grand total of $46K cash left on-hand, despite top-line "revenues" and a lot of borrowing and paying of bills using common shares of stock and issuing of "notes" (debt owed) to various people/firms for bills owed, etc (Read the last 10-Q cover to cover). They ended that last qtr with over $2 million in just "accounts payable" and owing 2 people in the company $800K in bonuses while possessing only $46K total cash left in their cash account. That is "ill-liquid" or nearly insolvent. Not "cash flow positive" by any stretch of an imagination.
A company with "cash flow problems" aka "liquidity" problems- is known as a "going concern" risk, aka possibility of filing BK. Meaning the company does not have adequate amounts of cash coming into the company in a timely manner to meet the daily, weekly, monthly needs of cash going out to pay and properly service all the bills and expenses they owe as they come due.
http://www.sec.gov/Archives/edgar/data/1388319/000114544314001305/d31740.htm
From their, BHRT's own last filed 10-Q statement, PAGE 12:
"NOTE 2 — GOING CONCERN MATTERS
The accompanying unaudited condensed 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 unaudited condensed financial statements, during nine months ended September 30, 2014, the Company incurred an operating loss of $1,247,199 and used $747,184 in cash for operating activities. As of September 30, 2014, the Company had a working capital deficit (current liabilities in excess of current assets) of approximately $10.0 million. 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."
Company's DO NOT stick statements (WARNINGS) like that into their 10-Q filings with the SEC just willy-nilly cause it's no "big deal". A "going concern" risk statement is about as grave a warning a company can issue that they are having cash and liquidity problems and are a very high risk of becoming insolvent. That's what that warning is in their SEC filing for- it's not just some "boiler plate" nothing statement. It's a serious statement and put in their to legally protect the Sr Mgt from full disclosure laws as to the true financial condition of the company as required in the SEC reporting requirements for public traded stock companies. It's a serious deal IMO.
Same SEC filed 10-Q, they, BHRT stick ANOTHER "going concern" warning in on PAGE 28. So ONE was not enough, they stuck it in there again:
PAGE 28:
"Our Ability to Continue as a Going Concern
Our independent registered public accounting firm has issued its report dated March 24, 2014, in connection with the audit of our financial statements as of December 31, 2013, that included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern and Note 2 to the unaudited financial statements for the period ended September 30, 2014 also describes the existence of conditions that raise substantial doubt about our ability to continue as a going concern."
TWO times was not enough, so in the SAME 10-Q FILING they, BHRT insert a THIRD instance to warn investors of "going concern" problem.
SAME filed 10-Q, most recent, PAGE 36:
"At September 30, 2014, we had cash and cash equivalents totaling $46,592. However our working capital deficit as of such date was approximately $10 million. Our independent registered public accounting firm has issued its report dated March 24, 2014 in connection with the audit of our financial statements as of December 31, 2013 that included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern and Note 2 of our unaudited financial statement for the quarter ended September 30, 2014 addresses the issue of our ability to continue as a going concern."
So THREE TIMES in the same 10-Q filing, Sr Mgt felt it necessary to use and discuss the terms "going concern" and also specifically use the wording of "liquidity problems".
That's not by mistake IMO and is not some "generic" or "boiler plate" blah, blah language. It does not make it into a company's SEC filings unless specifically written in there. Again, it's about as serious a warning as to a company's weak financial and cash position that any company can issue IMO.
WRONG, Quote: "Operating expenses are down more than 50% yr after yr."
READ THE SEC FILING "statement of operations", last filed 10-Q. Total operating expenses have massively increased yr over yr.
See the line entry called "TOTAL OPERATING EXPENSES" on that STATEMENT OF OPERATIONS
That SEC filing 10-Q covers the 9 month period to Sept 30 and compares 2013 to 2014
TOTAL OPERATING EXPENSES 2013: $2,246,365
TOTAL OPERATING EXPENSES 2014: $4,109,567
Almost a DOUBLING of operating expenses yr over yr from 2013 to 2014
No "operating expenses" being "down 50% yr over yr"??? That is a 100% FALSE statement completely mismatched to that SEC filed 10-Q "statement of operations".
Quote: "Did BHRT always have the paid service of real time L2 on OTC MARKETS? That's a premium service for transparency for shareholders especially stocks that are micro caps. Very interesting."
What does that even mean? Level II is available for ANY stock that trades on a U.S. market and always has been?
It's not "new" or "special" for the OTC market to offer LEVEL II for a stock?
What's "interesting" about that supposedly?? All stocks have level II available? It has ZERO to do with "transparency" for shareholders? It's a trading and quoting tool- it's not a service of the company? It's provided by the market place such as OTC or secondary trading providers that sell Level II quotes, such as I-HUB offering Level II.
"transparency" to shareholders is what SEC FILINGS are for and what they do. NOTHING to do with Level II quoting- nothing. One can get Level II for any stock that trades on any U.S. market. It's not a "new" or "special" thing?
Quote: "VERY IMPRESSIVE 2014 YTD - As of Q3! " ??
"impressive" based on what financial realities?
All except the little Power Point slide, IMO, it left out some pesky little FACTS and details like R&D spending being cut to near ZERO (less than $3K a month last qtr), as in they're 1) Not spending much of anything as a medical "research and development" company they claim to be and 2) NO WAY are they funding any medical "trials" on less than $3K a month R&D (trial funding shows up as R&D spending- look at any past 10-Q or 10-K from yrs when they were actually funding trials as a real R&D company, they were spending $million per yr on R&D then, even last yr they spent $400K plus, now in 2014 they'll be lucky to have spent about $50K on all R&D, see the latest 10-Q filing)
2) Their loss from operations is actually greater this yr than the same period last yr due to massively increased costs/expenses. That little Power Point slide fails to show or discuss their runaway costs- that caused any "revenues" to be used faster than they came in. Or that they ended the last qtr with $46K of survival cash on-hand (total to their name) against just immediate "accounts payable" expenses of over $2 million or that they issued $800K bonuses to just 2 people in the company that they didn't even have the cash to pay immediately- thus issued debt, aka a "promissory note" for those bonuses to be paid out of most likely borrowed/dilute cash that will come from Magna. Pesky little stuff like that- ya know? Like the REAL PICTURE versus some bullet points on a Power Point slide.
Nice to use a little one liner Power Point slide where info can be "selectively" parsed and presented to spin it IMO to look better than it is- rather than just put their own SEC filed "set of financials" on a couple of slides (balance sheet, condensed statement of operations, cash flow statement) and let everyone see the real picture as put in their own 10-Q filing.
LOL, "Disagree"
Quote:
"Quote: "No matter how you spin it, you can't deny the straight fact that Bioheart is spending almost nothing on R&D (aka trials) qtr over qtr while their general and admin costs/expenses have increased qtr over qte, and more so than ever in their recent history."
Disagree"
Disagreeing with SEC filings? Disagreeing with the company's own 10-Q filed reality and SEC documents and published financial statements? That's pretty funny to me.
From BHRT last filed SEC 10-Q, PAGE 5 (disagree with it I guess? But it's reality in numbers- and they don't lie)
There it is in living color- huge CUTS to R&D spending, bringing total R&D spending to less than $3K a month for the entire qtr. MASSIVE increases in general and admin expenses (almost a double yr over yr) and a very large loss from operations, an increase in loss from operations, yr over yr. "disagree" with it I guess? It's right there in their own SEC filing?
EXPENSES, EXPENSES, EXPENSES and CUTTING R&D SPENDING-
Quote, "Revenue revenue revenue.
Revenue is a specific thing.
They increased their revenue.
No matter how you spin it, you can't deny the straight fact that Bioheart's revenues have increased quarter after quarter, and more so than ever before. "
Yes, "revenue is a specific thing" and it's not "cash" to a company, not until cost of sales and expenses are accounted for. Expenses matter as much, if not more than top-line "revenues".
What can't be denied is that expenses increased far more than the bottom line "revenues" and thus the LOSS FROM OPERATIONS found in the last 10-Q filing was GREATER in 2014, than in 2013, despite the ole "revenues".
AND, all that greater loss occurred at the same time R&D spending (the supposed key to a "medical research and development" company) all while their R&D spending was hacked to near zero.
No matter how you spin it, you can't deny the straight fact that Bioheart is spending almost nothing on R&D (aka trials) qtr over qtr while their general and admin costs/expenses have increased qtr over qte, and more so than ever in their recent history. (SEE SEC FILINGS, most recent 10-Q, period ended Sept 30, 2014 for starters).
That's PAGE 5, "condensed statement of operations" latest BHRT SEC filed 10-Q, period ending Sept 30th, 2014. Just the FACTS as found on their own financial statements. Ya can't "spin" those or "out talk" um in great sounding one-liners like "revenues increased". There's way, way, way more to running and managing a business and making it profitable than "revenues". Expense control is probably rated as more important than even "revenues" to a successful, profitable business - as run away expenses have sunk and killed more businesses probably than "revenue problems" ever have IMO.
Quote: "They been around since 1999 I dont think they are going anywhere anytime soon, well maybe just going up IMO."
Yeah, and they've done nothing but LOSE MASSIVE AMOUNTS OF MONEY since then (over $100 million in sunk capital, gone w/o a return on investment, ever)- never once producing a positive return on investment or generating so much as one CENT of a profit.
Since going public in 2008, then being NASDAQ delisted in 2009- the common stock share have lost about 99.98% of their value. Yep, a stunning success story if there ever was an imaginary one?
$5 a share IPO in 2008 that barely raised any funds- one of the worst IPO's in probably all of NASDAQ history, at least recent history.
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/
$5 a share = 500 cents. Friday the share price hit .0098 cents, sub ONE CENT.
500 - 1 cent = 499 cents. 499/500 = .998 X 100 = 99.8% loss to the common share value since only 2008. Fantastic. Amazing decline. That's not "going up"?? That's falling off a cliff into the abyss down any way I slice it?
This company has been in financial trouble nearly since it's inception- and for certain since going public, including being in default several times on key loans, etc. If not for being able to dilute and issue out shares continually, shares that have continually lost their value, this company wouldn't even have existed the past 5 yrs. Simple as that- they are not a self sustaining business by a long, long, long shot. Just read the reality of their SEC filings- it's all in there.
http://www.bizjournals.com/southflorida/stories/2010/07/26/daily1.html
Quote: "A 500% increase in cash flow is amazing??? Really??? "
All except the fact they have NO POSITIVE CASH FLOW? What supposed 500% "increase"??
Check out their R&D spending, see what happened to that (latest 10-Q filing).
They have no "cash flow"? They generate no positive internal cash flows. Without massive share selling and dilution (aka borrowing and selling shares) they'd of been BK a long, long, long time ago- including last qtr if not for massive dilution. They do not generate enough internal cash to even pay the $800K bonuses owed to just 2 of the 4 total "employees", let alone pay their $2 million plus in "accounts payable" they had end of last qtr, let alone pay the service on their debt, etc.
What "cash flows"?? They finished the last qtr with a meager $46K TOTAL cash-on-hand left to their name and a "going concern warning" that included a specific statement about "liquidity problems" and that was despite the use of massive amounts of common share dilution and continued, on-going use of toxic, convertible debt desperation financing deals- see last 10-Q filing (Asher, Daniel James, Fourth Man financing, etc).
And they also continued to pay common bills in shares of commons stock as they lacked the cash to pay those bills via the conventional method- aka, writing a check from a CASH account for accounts payable or debts owed (see last 10-Q, bottom section on issuance of common shares for numerous common bills and obligations) it's all in the SEC filings.
Quote: "Yup for Myocell SDF-1 the most time consuming and expensive development."
Yup, also the one lacking licenses and patent protections- who's gonna wanna partner on that? "potential" partners with "potential" being the operative word IMO. I can go back and grab YEARS of BHRT "PR" releases specking of "potential partners" and "term sheets" being signed and "financing that's close" (that never materialized) and of course, the gradn daddy of um all for me personally, the "MIRROR PHASE 3 TRIAL, FULLY FUNDED BY BIOHEART" ole "PR", all except the pesky little detailed part where it NEVER ACTUALLY HAPPENED and was thus NEVER FULLY FUNDED BY BIOHEART. YUP.
From the Bioheart 10-K filing, PAGE 13:
"Our MyoCell SDF-1 product candidate, which has recently completed preclinical testing, is intended to be an improvement to MyoCell. In February 2006, we signed a patent licensing agreement with the Cleveland Clinic of Cleveland, Ohio which gave us exclusive license rights to pending patent applications in connection with MyoCell SDF-1. Dr. Marc Penn, the Medical Director of the Cardiac Intensive Care Unit at the Cleveland Clinic and a staff cardiologist in the Departments of Cardiovascular Medicine and Cell Biology, joined our Scientific Advisory Board. The license for SDF-1 was passed on to a Cleveland Clinic affiliate, Juventas, in July of 2009. Bioheart has an understanding with Juventas pursuant to which the license with Bioheart will be reinstated upon completion of certain financial milestones."
CLASSIC BHRT wording IMO. They have an "understanding"??? What does that even mean? Is it in writing? Is it a handshake? Is it verbal? WHAT are the so called "completion of certain financial milestones" that then need to be met- for BHRT to even have license again to use ole SDF-1, another item they didn't invent but only license from someone else- that license now apparently passed to some company called "Juventas".
Another vague statement- and one is to believe they can "partner" with someone on a product to which it appears they don't even hold the licensing rights, per their own 10-K statements? I'd love to know how exactly that one's gonna work? Fascinating again IMO.
From this "Juventas" firm's own website- it sure looks like they think they are working on SDF-1 IMO?
http://juventasinc.com/sdf1.html
http://juventasinc.com/clinical-trials.html
http://juventasinc.com/team.html
http://juventasinc.com/board.html
http://juventasinc.com/partners.html
They, this Juventas has SDF-1 "heart" stuff plastered all over their website and Cleveland Clinic listed as a "partner", who according to the BHRT 10-K is the originator of the SDF-1 licensing and patent rights from the way I read that 10-K paragraph above. So how is BHRT then going to use it, test it, run trials on it, etc- if BHRT doesn't even own the rights to it possibly??
I don't get it? Vague and confusing as usual IMO.
2 BILLION shares authorized and w/o the input or vote of the common shareholders.
WHY did BHRT do that if they don't plan to DILUTE, DILUTE and DILUTE? Why did they take the time and effort to specifically, massively increase the available share count out to 2 BILLION shares? Why?
They're more than likely going to hit the 1 BILLION share mark before too long here IMO- at the pace they'r presently diluting and thus would have blown past their then 950 million share limit. So why did Sr. Mgt choose to make the A/S count such a huge number of now 2 BILLION A/S shares other than to use them for massive dilution?? And they did it w/o any vote of the common shareholders- fascinating to me.
From the SEC filing to increase the authorized shares 4-28-2014:
http://www.sec.gov/Archives/edgar/data/1388319/000114544314000633/d31331.htm
Quote:
"WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT
TO SEND US A PROXY.
The actions to be effective twenty days after the mailing of this Information Statement are as follows:
Ratification of the increase of the authorized shares of capital stock of the Company from nine hundred and fifty million (950,000,000) shares of common stock and twenty million (20,000,000) shares of preferred stock, both $.001 par value respectively, to two billion (2,000,000,000) shares of shares of common stock and twenty million (20,000,000) shares of preferred stock, both $.001 par value respectively, effective as of the filing of an amendment to the Company's Articles of Incorporation with the Florida Secretary of State.
The increase in the authorized shares described in the accompanying Information Statement has been duly authorized and approved by the written consent of the holders of a majority of the voting capital shares of the Company’s issued and outstanding voting securities, your vote or consent is not requested or required. The accompanying Information Statement is provided solely for your information. The accompanying Information Statement also serves as the notice required by the Section 607-0704 of the Florida Business Corporations Act of the taking of a corporate action without a meeting by less than unanimous written consent of the Company’s stockholders."
WHY, other than to use to DILUTE, DILUTE, DILUTE? Why else do it? If this "claim" of the msg board that dilution is coming to a supposed end and they, the Sr. Mgt knew that- then why did they go for a big number like 2 BILLION A/S shares? And then start diluting at a furious pace- a pace faster than anytime prior?
How much more massive dilution is the Magna "financing" now going to add? It's already known that the Magna $200K "note" is at least 31 million shares of pure dilution and 9 million more shares went to Magna for just "fees" on the new "credit line" so that's 40 million right there, in a period of probably less than 1 month. Where's the proof that dilution is slowing down, let alone abating?
I don't see it? Makes no sense to me? They, BHRT using insider vote control, made a massive increase in the A/S count to 2 BILLION, and clearly said in that SEC filing that they didn't want or need the input/vote of the common shareholders as they have the insider majority vote.
Then they immediately continued diluting from that date of the A/S increase to essentially today. Where's this supposed "slow down" or "ceasing to use dilution"?? I don't see it happening? Not at all?
Quote: "IMO he was referring to TNGN where the shareholders did not approve a proxy for more shares in order to dilute and as a result filed for bankruptcy."
Well, BHRT has "stacked" the insider vote control via creating Northstar LLC (25 to 1 votes on 20 million preferred shares = 500 million right there + what they own as insiders on the BOD, etc) so that the insiders can never be out-voted. Thus, they can dilute literally forever. As in the fairly recent increase to 2 BILLION shares available.
Just read the SEC filing when they increased the A/S count from like 970 MILLION to 2 BILLION, it said right on the filing- we're not asking for your vote, nor do we need it, blah, blah, blah as the "majority consenting shareholders" have already voted, it's a done deal and thank you very much.
BHRT can dilute till the cows come home- and no common shareholders are ever gonna stop um. They just adjust up the voting rights of Northstar LLC as needed. See past SEC filings- they already upped Northstar from 20 to 1 votes per preferred to 25 to 1, to stay ahead of the ever increasing dilution, insuring the insiders have the majority vote on any proxy or other issue ever needing to be put to a vote.
End of BHRT story the way I see it- they'll dilute out using every last one of the present 2 BILLION A/S if the past is any indicator and the current rate of massive dilution continues- I don't see anything that will change that IMO. They picked 2 BILLION for a reason IMO- they probably knew they were going to Magna and that alone was going to skyrocket the dilution among other things like massive shares to insiders, etc.
Just read the SEC filings- it's always in there, the "full story".
Quote: "Potential partnerships looking good here. Little biotech company emerging from the ground up! "
LOL, isn't it more like "emerging DOWN"??? It's been around since what, 1999 I believe? That's quite a bit of time to do the ole "emerging" part?
And "emerging up"??? Not seeing that personally?
BHRT went public in 2008 on the NASDAQ at $5 a share. As of Friday it went as low as .0098 per share and closed at about .0127 a share. That's kinda, sort DOWN I'm pretty sure? No?
Where's the "emerging up" part in that formula and graph??
That picture, the BHRT chart- not seeing to much "emerging up" in it IMO? Just not seeing it???
What exact "potential partnerships" are there? Any specific ones been named? I think there's been years of "potential partnerships" if I go back and read the years of "PR" and "blogs" and all the rest- I've read um all, and seen lots of "potential partnerships" being talked about?
Remember these two, the $20 MILLION "financing" deal or the "term sheet" PR's- how'd those turn out?
http://www.marketwired.com/press-release/northstar-launches-20-million-private-placement-round-with-proceeds-fund-bioheart-trials-otcqb-bhrt-1713163.htm
http://www.marketwired.com/press-release/bioheart-receives-2-million-term-sheet-investment-offer-from-vitalmex-global-leader-otcbb-bhrt-1686526.htm
Those sounded really "great" I guess? What ever happened to those?
Am I missing something?
Quote: "BHRT- diamond in the rough. "
Well, "in the rough" is certainly true it appears since it went SUB ONE CENT again on Friday AM, yesterday.
The "diamond" part?? I'm not familiar with any ONE CENT or SUB ONE CENT "diamonds"?? Never seen those before?
What's funny, Radio Shack just filed for full up BK and still has a higher market cap right now, trading on the OTC, than BHRT has. Kinda of fascinating IMO. A BK company with a higher market cap than ole BHRT- pretty amazing to me.
Radio Shack's OTC traded (as a BK filed company now, NYSE to OTC) Friday close:
0.131 per share
Market Cap $13.9 MILLION
Bioheart after the "big presentation" and numerous "PR" and all, Friday's close:
0.0127 per share (with an AM open of .0098 per share on Friday)
Market Cap $8.68 MILLION
Those numbers are per Google finance.
Pretty amazing "stats" IMO. Quite telling to me.
Quote: "From 50k to 1.6 million and 52 percent decrease in cost expense that is very impressive."
Yeah, when you hack out the R&D expense line to essentially ZERO, it's pretty easy to sand bag the books to look like "expenses decreased". Look at the latest 10-Q and then everyone of them and the 10-K going back 2 yrs and look at what's happened to R&D spending. It explains magic "expense reduction" IMO.
What's gonna fund the supposed trials (you know like MIRROR was FULLY FUNDED BY BIOHEART) when the R&D spending isn't even $3K a month as of last qtr? Most micro tiny labs in some no name university probably spend more per month than that just on disposables like gloves and basic lab equipment.
It's nothing level money for a supposed "medical research and development company", surely not even a micro down payment for any actual day to day serious medical R&D, let alone, the ability to be running any medical "trials" of any kind (on less than $3K a month, LOL !) - it's not even a small house payment and property taxes in my neck of the woods.
LOL, "Reactivated a couple of weeks ago. Enrollment will commence upon contact of sites and investigators. "
OK. The ole "reactivated"??? Whatever that means? How bout FUNDED and enrolling an "We'll let you know at some future date". Sure.
"Enrollment will commence upon contact of sites and investigators. "
"
Where is that stated- and when will it occur, an exact date? When?
Like MIRROR "ONE PATIENT ENROLLED", remember that one? I do.
Sure. "re-activated", whatever that means?
Quote: "radio shack per say died before bhrt went public .. there was so many things wrong with them I can't even start..."
Funny, Radio Shack, as of today- filing BK has a greater market cap than Bioheart has today, now that's pretty funny.
And again, Amazon and Sprint among others are showing interest in bidding on or possibly partnering for a portion of Radio Shack's "assets".
Bioheart for all intents and purposes has no "assets" (total assets of BHRT per last 10-Q filing were about $250K bucks, total. NOISE level money) - and I don't see anyone interested in bidding on or buying any of Bioheart's "assets" or anything Bioheart has. Why is that?
A couple of Radio Shack stores would gross more on an average year- than the entire amount Bioheart raised in it's epic ole IPO. BHRT was then delisted from the NASDAQ in 2009 only 1 yr after going public. Radio Shack traded on the NYSE and has been around for almost 100 yrs (like 94 yrs I believe?) - as profitable growth company for the vast majority of those 94 yrs. BHRT common stock from the day it went public at $5 a share has gone essentially straight down to about 1 CENT a share today. Radio Shack even as a BK company is trading for about 10 cents a share today I believe- again, with a high market cap than BHRT.
Yeah, mock ole Radio Shack, the company that in BK is worth more than Bioheart. That's pretty funny in my book.
What? "Marvel???!!!!!!!!! Phase 2/3!!!!!!!!!!!!"??
MARVEL is NOT an active phase 3 trial?? When? Where? Where is it being conducted and funded presently as a phase 3 trial? Just saying it- does not make it true. WHERE is it actually taking place as an active phase 3 trial, as of today and what is funding it?
Here, right from the vague PR of recent:
http://finance.yahoo.com/news/bioheart-updates-diversifies-clinical-development-150000986.html
Quote:
"The Myocell(TM) product candidate (known as the MARVEL clinical trial) will advance into US FDA phase 3 clinical evaluation for the treatment of chronic heart failure. The re-start of the Myocell(TM) clinical trial is conditional to re-engagement with the principle investigators and related institutional requirements and internal preparations. Additional information on the timing of patient enrollment will be given at a future date. "
See all those "carefully" placed words like "re-start" (meaning it's presently STOPPED, that's what needing to re-start means) and "trial is conditional" (conditional is a word for "maybe", meaning if this and such happens, then "maybe" something else "might" happen- non of which has happened YET, AS OF TODAY) and then "re-engagement" (see that key wording, that means a bunch of people and things and money to be spent, etc - it's NOT happening now, as of today).
See, words mean things. There is presently no actual "phase 3 MARVEL" trial being conducted- as "in process" or "active" or "being conducted" or "being funded" at any known sites on any known patients anywhere as of today, right this moment. See the words, "we'll let you know at a FUTURE DATE"- that means NOT NOW, but at some vague possible, maybe date that's not yet happened yet. The future, a "future date" is any time from when that was written until essentially FOREVER into the future. It could be in a week, a year, 100 years, 1000 year or longer- that's "the future".
Again, written with careful words IMO, for a reason. You know, like MIRROR, remember MIRROR? I do.
Quote: "And also unlike Radio Shack, Bioheart actually has a future."
It's actually the other way around- unlike the money pit and share dilution machine Bioheart, Radio Shack for years and years and years actually MADE A PROFIT and had earning per share and an ROI to their shareholders - were actually one of the first retailers to ever sell a personal computer on their floor space.
What supposed "future" does a dilution machine, 1.3 cent (sub 1 cent this AM) nano-cap like BHRT supposedly have? (outside of imagination land??)
Why are Amazon and Sprint among others interested in bidding on the ASSETS of Radio Shack- you know, a business WITH ASSETS.
BHRT as of their last 10-Q filing had total assets of about $250K bucks, total. That's a fixer condo in a run down and dangerous neighborhood in my neck of the woods.
Radio Shack- ASSETS will go up for sale in the $100's of million of dollars if not more. How did Radio Shack do $3.4 BILLION in sales last yr- while BHRT will be lucky to eek out a few $mil on their best yr ever?
Yeah, real Zziiing stuff. Funny as heck. An actual business versus a 4 "employee" share dilution machine IMO. How many people did Radio Shack employ and give paychecks to and benefits, etc? Last count was about 27 THOUSAND employees. So you got 4 employees versus 27 THOUSAND and assets that Amazon and Sprint among others are interested in buying or partnering on- versus a company with essentially NO assets.
Yep, another Ziiingg. Sure.
Quote: "They're debt is nothing IMO especially for a phase 3 totally agree"
WHAT so called, supposed "phase 3"???
BHRT is not "in" or actually "conducting" a phase 3 trial right now? That's a MYTH.
You know, like MIRROR, the "phase 3 FULLY FUNDED BY BIOHEART" that actually was never actually "funded" by Bioheart.
Bioheart's last R&D expense line entry was for less than $3K a month- they've hacked it out to essentially ZERO for all intents and purposes. They're not presently funding any supposed "phase 3" trial? When and where is that occurring AS OF TODAY, RIGHT NOW? Where?
Pure myth.
LOL, Quote: "Unless someone is day trading in the risky market of penny stock (IMO a very bad idea), what is the relevance of what happens hourly or even on a single day to a trader who is not short sited and is looking at the long term picture? Please explain.
"
Uh, the stock, unless one hasn't notice- the common shares have lost about 99.8% of their value since the company went public. $5 a share to sub 1 CENT this AM, and a close today of about 1.3 pennies. Not a lot of "explaining" left there IMO??? If that can't be seen for what it is- well, nothing left to explain.
The common shares have lost about 97%, maybe 98% of their value since the present CEO took over in mid 2010. About as high as 70 cents, to avg 50 cents a share in mid 2010 to a value of sub 1 CENT this AM, now about 1.3 cents.
That's 50 - 1.3 = 48.7/50 = .974 X 100 = 97.4% loss.
Again, what's left to "explain" about that? That's the "long term picture" as crystal clear as it gets IMO. Sorry, I don't wear rose colored glasses- I'm in a place called reality.
Quote: " I suggest that those with there crystal balls set in the past recalibrate and clear the haze from their balls so they can see that BHRT is moving forward into a very bright future."
And I suggest those who easily get "stary eyed and dreaming" at a few pages of vague Power Point slides and broad, legal-eze worded PR that's carefully covered in a paragraph long of "SAFE HARBOR" - that they learn to read and understand SEC FILINGS and stick to the REALITY of what's in those documents. The SEC filings have told the correct and accurate story all along IMO, versus the "tall tales" of years and years of the "PR machine".
Two different stories told- one's been spot on correct, the other, well- never-never land. 99.8% loss to common shares and over 600 plus million diluted and the "tall tale" PR version just never happened, now did it? But the reality of the dire story buried in those SEC filings- it was playing out in real time, pretty much accurate and telling the "real story" all along. Including the final disclosing of all those past PR's that somehow just never seem to come true.
"term sheets signed" and "trials restarting" or "$20 million in funding" or "$2 million in funding" or "sales of $22 million by next yr" or "letters of intent" or "MIRROR phase 3 FULLY FUNDED by Bioheart", blah, blah, blah, blah.
Heard it all before. Sorry, I'm sticking with the SEC filings- and the story they tell, hasn't changed much, if at all IMO. "revenues" have been out-paced by rising expenses- and that leads to nowhere in my book. Top line revenues don't mean much in business if it never filters through to the ole bottom line. It's biz 101 and biz failure super classic 101. It's as old as time itself. You can sell a $BILLION worth of widgets. But if you spend One $BILLION and one dollar, you're still taking a loss and never "made any money". You had "revenue" but did not "make money". Two totally different concepts and issues.
SEC filings. That's my reading. Power Point slides- I've made more of um in my lifetime than I care to count- and they always looked good, actually looked great in fact. No matter what the data was being presented- good or bad.
Pure spread trading all past Noon Eastern.
It's on a 10% plus spread right now- that's the only thing that's got it and had trading "up" at +10%. But they wiped that only less than an hour ago with only a few $100 in vol, right back down to the bid which has been pinned all day at about .0118 after the AM sub 1 cent drop, Bid going nowhere pretty much the rest of the day.
It opened at sub 1 CENT, at .0098 right out of the gate this AM.
From the past several months trading, with MM BMAK (probably Magna or Asher) back all over the level II, they can sink this thing below a penny faster than one can blink, just like this AM.
Right now, it's only moving on micro trades with the spread wide open at 10% plus. Most of the vol was already traded in the AM, the .0098 drop was 1.2 million shares right at open pretty much, solid red.
Next week- if BMAK is back on heavy, they might bury this thing to sub penny again. It's sure not trading on any strength or upside volume today- just a big ole spread after the majority of the AM trading was over and done.
My 2 cents.
Dilute, Dilute, Dilute - YES!
READ THE SEC FILINGS versus the hype of a PR or a msg board poster. "revenues" DO NOT = bottom line cash to the company if the expenses are extremely high in proportion to any "revenues". Top line versus bottom line. Also, the cost of sales in the last qtr was extremely high- and the company only had about a 10% gross margin. Meaning on $579K "top line" sales, their "cost of sales" was $523K- meaning they only put about $50K cash into their own account, a pittance.
DILUTION IS MASSIVE and on-going. As recent as only a month or two ago- BHRT just inked "financing" deals with Magna that are and will result in current, not "past" and also on-going future DILUTION, DILUTION, DILUTION.
The Magna $200K share note (not even enough to cover a fraction of the recent $800K bonuses handed out to just 2 people of a 4 total employee company)- just that $200K came at a cost of 31 MILLION shares of DILUTE, DILUTE, DILUTE.
Immediately following that massive dilution to Magna, BHRT then followed-on with a Magna "credit line" facility of $3 Million DILUTE, DILUTE, DILUTE style "financing" (and stated clearly they intend to tap/use all of it).
That Magna credit line, before one dollar of it was ever used came at a cost of 9 MILLION pure dilution shares. So that's 40 MILLION dilution shares to Magna right there.
BHRT is cash poor at any given moment. The most recent qtr, despite top line so called "revenues"- the company finished the qtr with a survival cash amount of $46K total dollars to their name against over $2 MILLION in just immediate "accounts payable" and then added $800K owed in cash bonuses to just 2 people. They are in a massive cash deficit at any given time- and their continued "going concern" and "liquidity issues" statements in their own words, in their own SEC filings testify to that.
Just the base salary and now "cash bonuses" to 2 people of this 4 "employee" company now consume $1,575,000 PER YEAR (see latest filed 10-Q, compensation table PAGE 23). BHRT is nowhere near to generating that kind of cash on its own- so they can't even "fund" paying the two people who consume most of the company's cash, let alone fund any R&D or research trials or all the other "grand plans" laid out in some Power Point slide presentations - loaded with more "maybes" and "we plan to" and "we might" and "we hope" and SEE THE SAFE HARBOR paragraph at bottom, all of which used up more words than probably the actual "presentation" of all the "big plans" that "might, maybe, could perhaps, possibly, maybe happen" someday in the "we'll let you know at a later date" in the future.
At the current price of the 1 cent range, or even 1.5 cent range- if BHRT were to tap the Magna credit line for $500K say, how much dilution would that be, as in DILUTE, DILUTE, DILUTE?
At a very minimum, $500K (which again, even with the $200K note would not even pay the cash bonuses to just 2 people, let alone fund some supposed phase 3, FDA level trial(s) singular, let alone plural)- that $500K "draw" on that credit line would equal:
1.3 cents x .93 (Magna's min discount) = 1.2 cents a share Magna pays (less if the price drops as it did this AM to sub 1 CENT)
$500K / 1.2 cents = 41.6 MILLION shares of pure DILUTE, DILUTE, DILUTE. Just for $500K which doesn't even last the company a couple of months.
Note also- the recent power point "slide show" - failed to show that one of the biggest reasons that BHRT show reduced cash use for the year - was that they hacked out their R&D spending to near ZERO. (see most recent 10-Q filing R&D expense line). Add back in traditional levels of R&D spending, add back-in massive increases in R&D expense entries to run a supposed FDA level phase 3 trial, and they, BHRT will be running enormous cash deficits. Over $400K was just recently, as in 2014, $400K plus was carved out of the R&D budget to artificially make cash use appear to have seen a great percentage drop. But that's a fake reality- as the company can not and will not survive on zero or near zero ($8K approx last qtr) R&D spending.
Bioheart is nowhere even remotely close to cash flow positive or to self generating anywhere near the cash it will take to not DILUTE, DILUTE, DILUTE. Anyone put up their balance sheet and their statement of operations and other financials from their SEC filing and prove it otherwise. Else, it's all just talk-talk to me and does not reflect the reality of their dire financial situation.
From the most recent filed 10-Q:
Most recent 10-Q PAGE 12:
"NOTE 2 — GOING CONCERN MATTERS
The accompanying unaudited condensed 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 unaudited condensed financial statements, during nine months ended September 30, 2014, the Company incurred an operating loss of $1,247,199 and used $747,184 in cash for operating activities. As of September 30, 2014, the Company had a working capital deficit (current liabilities in excess of current assets) of approximately $10.0 million. 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."
"revenues" didn't end any need for massive continued use of dilutive financing- their expenses are growing faster than any bottom line revenues. It's all right there in the SEC filings. Plain as day IMO.
Bid back at .0119, they just sunk that in a blink again. So much for that "finger crossing" method of investing.
LOL ! "An estimated peak sales potential of $97-million to $135-million this year from just US Stem Cell Training, US Stem Cell Clinic, and VetBiologics alone! "
Yeah, go back and read ole 10-K and 10-Q and filings clear back to 2008. They had great "estimates" back then too. And that great word "potential" and "safe harbor" disclaimers out the ying-yang. Wow, and guess what happened to those grand "estimates"???
From 2009, Howard Leonhardt, "estimated" a $22 MILLION sales "run-rate" for a product that never ended up really even selling. How was that one !!!
From 2009:
http://globenewswire.com/news-release/2009/05/07/397137/164884/en/Bioheart-Reports-Year-End-2008-Results-Reviews-2008-and-1Q09-Progress-and-2009-Business-Objectives.html?print=1
"Bioheart's business objectives for 2009 and beyond include the following:
* Reach Bioheart 3370 Heart Failure Monitoring Systems sales of an
annual run rate of $22 million. FDA 510(k), European CE Mark and
Reimbursement already in place.
* Complete interim analysis of MARVEL Study patients.
* Expand global distribution network in Europe and Asia-Pacific and
related sales pact.
* Move MyoCell(r) SDF-1 second-generation composition for advanced
heart failure into Phase II/III pivotal clinical trial.
* Launch U.S. 510(k) authorized Bioheart-Monebo Cardiobelt(r) in U.S.
market.
* Keep operating loss for year to under $5.4 million.
* Publish in peer reviewed journals Phase II SEISMIC and MYOHEART U.S.
Dose Escalation Study Results.
* Gain reimbursement approval for MyoCell in Europe for treating
sickest heart failure patients.
* Launch sales of CE Mark approved Bioheart A&C Bio Science T-PLS(r)
Twin-Pulsatile Life Support System system in Europe.
* Finish development with corporate partner of implantable heart
failure sensor that communicates wirelessly with the Bioheart 3370
Heart Failure Monitoring System.
* Finish development of implantable heart pump on percutaneous
catheter with corporate partner in Korea, A&C Bio Science, Inc.
* Sell off rights to non-core intellectual property and product
developments to increase cash available for core heart failure
focused developments: AortaCell, MyoStim, MyoValve, BioPace,
EndoCell, and MyoCath.
* Seek joint venture partner to commercially develop the A&C Bio
Science LVAD/SVAD, a significantly lower-cost left ventricle assist
device co-developed by Bioheart.
* Continue to add devices to product lineup that feed information
into the Bioheart 3370 24-hour monitoring system.
"
HOW DID ALL THOSE "potential" ole "estimates" ever turn out, clear back from 2009? I mean they sounded fantastic, right? Wonderful stuff, right? Well, ole BHRT was then de-listed from the NASDAQ in 2009 and went on to lose 99.8% or so of it's value of the common shares where they sit today at about 1.2 cents.
FALSE "withdrawn"???
Quote: "Following thru again for a search, the conclusion is for FWIW that $OCAT SP $62 mil, 10 mil shs has been withdrawn. In that case there would be no dilution. "
What? Where is a SHRED of proof of that being true? The instant that offering was "withdrawn" in imagination land, aka fantasy land, what would happen in the real world is they'd have to file in a split second, a "material event" notice with the SEC and to the public. PERIOD. End of story.
Further, it's highly likely that DILUTION via Lincoln (among other needs) is on-going and near continuous. NO proof whatsoever that there is or "would be no dilution"?? What proof is there of that?
That offering, prelim prospectus is LIVE and ON THE SEC EDGAR DATABASE right where it's always been- and nothing has occurred or been made notice to the SEC or the public that it's anything but "live" and an active offering? I'd like to see any proof otherwise?
http://www.sec.gov/Archives/edgar/data/1140098/000104746914009660/a2222363z424b5.htm
There it is- FILED and "live" AT THE SEC, an offering for 10 MILLION shares of OCAT (not $OCAT) stock for sale. (There is no such stock symbol in existence as $OCAT, so why use it? Some "hash tag" whatever is NOT a valid stock symbol. But I guess in imagination land it supposed to make the stock look more "valuable" or "important" to put the dollar sign "$" in front of it? It's OCAT, that's the only symbol recognized on any stock market. PERIOD).
OCAT has a live offering and prospectus sitting open on the SEC's main and only database as linked above.
NOTHING has been "cancelled". Not a shred of proof to support that "theory" IMO. OCATA would have to make that "material event" known public the instant it happened- and they'd first file and announce it on the SEC database, typically within minutes of it becoming a "material event". That's the way it works in reality-ville.
LOL ! Quote: "I am guessing that Mirror and Angel were cancelled to focus what funds they have on the major Marvel FDA trial IMO. I am sure more details will come out regarding progress soon IMO"
Oh yeah, for sure. That's a "guess" all right. Like how MIRROR was "FULLY FUNDED BY BIOHEART", Lol !! Like that, right? The ole "focus those funds" that NEVER WERE THERE and NEVER WERE SPENT in over 1.5 yrs from the original MIRROR trial? What fantasy land is that??
http://www.marketwired.com/press-release/bioheart-announces-phase-iii-mirror-trial-for-myocell-initiated-otcqb-bhrt-1807938.htm
It was supposedly FULLY FUNDED in July of 2013, so what "focus of funds" is/would or could possibly happen? The trial was supposed to take place over a 12 MONTH period. Meaning if it had ever been FULLY FUNDED by Bioheart- the imaginary "funds" would have all been spent by now. How do funds that were never there in the first place now get "re focused"?? How exactly does that work? I'd like to see that trick?
Qoute: "I am sure more details will come out regarding progress soon IMO" LOL !!
Yeah, just like the "MIRROR UPDATES" just poured out continually? Right up until 1.5 yrs later when the ole, "OOPS, IT'S CANCELLED and NEVER REALLY HAPPENED, SORRY" ole "update" was given? Like that?
That's way, way more faith than I'd ever have. Way more.
Read the fine print of the ole Marvel "restart"- just count the "maybes" and "if this, then that" and the "we hope to" and all the other "qualifier" words- and then the grand ending, the "SAFE HARBOR" escape wording at the end of that PR. NOTHING might happen on "Marvel" per that Jan 29th, 2015 PR, and it'd all be legal-eze "covered" it's so loaded with qualifying statements and ways out via the way its so carefully worded IMO. Just like the MIRROR PR was so carefully worded- and how did it turn out?
http://finance.yahoo.com/news/bioheart-updates-diversifies-clinical-development-150000986.html
QUOTE:
" The re-start of the Myocell(TM) clinical trial is conditional to re-engagement with the principle investigators and related institutional requirements and internal preparations"
TWO MAGIC WORDS IMO, "is conditional". Right there is the ole "way out" if it never happens. If the "conditions" can't for some reason be met, well, then it just never happens- end of story.
"Additional information on the timing of patient enrollment will be given at a future date. "
A "future date" means in legal terms, anytime between when that was issued on Jan 29th, 2015 and FOREVER, aka the END OF TIME. That's what that means.
Notice also in that PR, it very carefully never said one word of detail about how any of those "grand plans" were to be funded, or even gave any cost estimates and detailed time lines. Just vague dates way out in the future- all covered as being only "estimates" and "SEE THE SAFE HARBOR" wording at the end for "might" " we think" " we hope to" "we plan to" blah, blah, blah same old IMO.
It would be "firm" language if they stated, "We will issue enrollment numbers before the end of the 2nd qtr 2015" or something to that effect. Now they're legally locked in via the language. "at a future date" to me means pretty much NOTHING. So vague, so open ended as to mean pretty much nothing IMO.
Remember MIRROR, "ONE PATIENT ENROLLED". That was a classic. Then it sat for about 1.5 yrs from July of 2013 to Jan of 2015 when we now find out, CANCELLED, OVER. DONE, GONE.
Yeah, I won't be holding my breath on ole Marvel "re-starting"- I don't want to die from lack of oxygen.
My 2 cents.
Lol, "They did a great job with with Angel. Mirror was not communicated well IMO"
What? "Great job"??
1) Angel just got "canned" ending in nothing per the latest PR of Jan 29th, 2015? What was "great job" about that? It was a big ole PR pump IMO? What's it ever going to amount to now?
http://finance.yahoo.com/news/bioheart-announces-phase-angel-trial-110823792.html
QUOTE:
"Kristin Comella, Bioheart's Chief Science Officer, said, "We were so excited to see brisk enrollment in the study. Once we collect preliminary safety and efficacy, we will expand the study into a Phase II trial."
REALITY- it's NOT becoming a phase II trial. It's CANCELLED as of the Jan 29th, 2015 ole PR, no explanation given. End of great "story" PR.
2) MIRROR was "not communicated well"?? Well, that's a real "nice" way of putting it IMHO. How bout MIRROR was hyped in PR as a "Phase 3 FULLY FUNDED BY BIOHEART" and well, sorta, kinda like, well, just NEVER HAPPENED REALLY we come to find out. If that's defined as "not communicated well", then that's an awfully nice way of putting it IMO. I'd use "other" descriptions for that one- and they'd be a lot more harsh than "Not communicated well". I think there's other terms used to describe when something is highly "talked up" shall we say, when "vast claims" are made about something in print, then one finds out that "something", well was kinda-sorta just NOT TRUE in the end and never really happened as described, like not being "FULLY FUNDED BY BIOHEART"??? It's kinda hard in my book to understand claiming something is "FULLY FUNDED" when it never actually took place, and then later, SEC filings become full of statements like, "MIRROR IS WAITING TO BE FUNDED"?? Just a tad bit of "contradiction" shall we say IMO? A tad maybe?
Orginal MIRROR PR full of vast claims- I mean it sounded great right?
http://www.marketwired.com/press-release/bioheart-announces-phase-iii-mirror-trial-for-myocell-initiated-otcqb-bhrt-1807938.htm
July 2nd 2013, that PR said MIRROR was rocking and rolling- moving ahead and "FULLY FUNDED BY BIOHEART" and had "enrolled ONE patient".
Well, then nothing really happened after that. Never really heard about old MIRROR the "phase 3 trial" again.
From the latest 10-Q filing for the period ended Sept 30th, 2014 PAGE 29:
"We have initiated and enrolled our first patient in the MIRROR trial in 2013. The trial is very similar to the MARVEL trial but focusses on sites outside the US. We will continue enrollment in the MIRROR trial once we have secured sufficient funds."
Wait, "secured sufficient funds"?? What? But the original PR from July 2nd 2013 said the following:
"The MIRROR trial is fully funded by Bioheart and will be conducted at up to 35 centers in North and South America. The trial is designed to enroll up to 126 patients over a 12 month time period. "
So what happened? So it was never "fully funded" in the first place, now was it? PR hype versus reality in my book. The PR sure sounded "good" - but it just never really ever happened.
Cause now we find out, just a week or so ago via another PR (with no explanations given by the way)
PR of Jan 29th, 2015:
http://finance.yahoo.com/news/bioheart-updates-diversifies-clinical-development-150000986.html
Quote:
"The Company has no further plans to advance its ANGEL and MIRROR clinical development programs."
And just like that- ole MIRROR, the much hyped, big ole "phase 3" that NEVER REALLY WAS, it's just gone. Vanished. Cancelled. No further explanation given.
Hardly a "not communicated well" in my book. It's way bigger a problem than that to me, IMO. It raises a whole PR credibility issue to me, for me personally. That original PR about MIRROR and the reality of what really happened on MIRROR, might as well be a 1000 miles apart IMO. The initial PR hype was just that to me, a big hype "story". Cause none of it ended up happening- not "up to" 35 centers, or the "up to" 126 patients enrolled, let alone any actual "phase 3 trial" ever even taking place, let alone was it ever "FULLY FUNDED" by Bioheart. It all just never happened.
The day that original PR was released way back in July 2013, I remember I never understood vague language like "up to" wording being used?? That wording, legal-eze, meant to me if they enrolled ONE patient at ONE center, then they'd met the legal definition of "up to". I've never seen a medical trial described using wording such as "up to" for the size and number of participants, never. It would normally state something like, "This trial will enroll a minimum of 87 patients to meet the end point requirements with a maximum of 109 and will take place at 35 centers located across the geographic area of XYZ". Something definitive like that- not vague and open ended wording such as "up to".
MIRROR never made any sense to me- and now I'm not surprised one bit in the way it's turned out. Like so many other things BHRT put great sounding "PR" out about- it's just vanished, never really amounting to anything, in this case never really even happening, and now never to be heard about again. From my experience- nothing new for ole Bioheart. Can't count or remember how many times that's been the case in my experience?
Broke ONE CENT this AM. Opened at .0098, back to two zeroes after the decimal.
Also, MM BMAK is sitting back on the Ask, with you got it, a perfect 10K share block right not. Always 10K shares at a time for ole BMAK.
http://www.otcmarkets.com/stock/BHRT/quote
Looking real, real weak in here. They pretty much fired off all the "big news" they had again but the PR run-up didn't hold.
They got some folks to buy at .0229 only what, maybe one week or so ago, who are now sitting on pretty much a 50% loss now? Wow. Those people if they held those shares now need a 100% gain just to get back to break even. That's pretty tough sledding.
The PR just doesn't seem to run it up like it used to IMO, with all the dilution overhang shares out there - around 300 MILLION shares issued out in just approx. the past 1 yr alone, a good chunk of those going to toxic/convertible debt finance houses (Manga, Asher, Daniel James and Fourth Man are known for certain from recent SEC filings).
From the latest, most recent 10-Q filed, PAGE 9
"Fully diluted shares outstanding were 659,543,477 and 323,296,916 for the three months ended September 30, 2014 and 2013, respectively "
That's a lot of shares from just 2013 to 2014, 1 yr period, yr over yr:
659,543,477 - 323,296,916 = 336,246,561 new shares O/S (336 MILLION) More than a doubling of the shares O/S in about 1 yr and no slow down in that pace of dilution that I can see- not with the recent Magna deals all in place now.
That last 10-Q fully diluted share count wouldn't even include the most recent inked Magna finance deals. Those alone, from the share registration and prospectus filed will add another pile of instant dilution shares of at least:
31 million shares more just for the $200K note + 9 million in fees/expenses to Maga = a minimum of 40 MILLION new dilution shares in just the past few months having been issued out and possibly now free trading.
Then as much as 15 million more to Magna for additional fees/expenses (see the Magna "credit line" SEC filing for details) plus if Bioheart were to have made a "drawdown" or two by now on that credit line- who knows how many 10's of millions more common shares could have happened now by the time it hits early March 2015?
There may be as many as about 100 MILLION more shares issued just for Manga in the past few months would be my guesstimate.
Then one has to add in all the other shares Bioheart issues out in any given qtr- for everything from paying options grants to insiders, to common bills such as "notes payable" to "related party payments" to "accounts payable" to "interest on debts" etc (just read any 10-Q or 10-K from the past several yrs and there is always millions of common shares issued out for all kinds of matters by BHRT, usually 10's of millions in a single qtr).
Dilution, it has effects and consequences has been my experience watching any company that dilutes their shares as heavily as this one does- almost always pushes shares to the downside per my experience. Just too much share overhang- 10's of millions of low priced shares issued out and a lot of convertible (floorless) debt "financing" deals done- a lot.
My 2 cents.