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Flat-lined again. Not one trade in about 1.5 hours now. 60K shares total, almost 3 hours into trading day. About $1000 total dollar vol traded.
But yesterday, on no news or anything, it opens with 500K shares within minutes of 9:30 AM Eastern?
IMO, Magna, Asher or someone is "working" this to the tee. I don't see how 2 million plus shares yesterday with a extremely wide percentage spread could have been mostly "retail" trading and then today- it can barely break a $1000 bucks and 60K shares in trade, now going on 3 hours and sits parked, for a 1.5 hour gap now too boot?
Makes no sense IMO how this trades now.
Basically 20 minutes after market open today to make a single, 10K share trade. Then 18 more minutes for 20K more shares to post ($495 bucks worth, total)
But yesterday it did 500K shares nearly right out of the gate at seconds past 9:30 AM Eastern, then 2 million plus for the day.
Last week, two days in a row where it took over 1 hour to trade even a single share after market open and it would barely trade maybe $1,500 bucks for the entire day?
What gives with this one is beyond me? Someone seems to be playing this like a well oiled machine. Magna? Asher? Something's not "normal" in these trading patterns IMO. I don't think 2 million shares yesterday and the 14% plus swing, closing down red on the day before that, was "retail" buyer's and seller's or whatever.
My 2 cents.
"And Bioheart's product is more effective than theirs..."??
What "product"??? Other than a catheter, I don't believe BHRT has a single approved, salable "product" that I'm aware of? Which "product" would that be?
From Biohearts own, last 10-K filing: 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.
"competition"?? Bioheart is a "competitor" to Neostem?
Neostem is a listed stock w/ a market cap of about $170 million dollars. (BHRT has about an $8.5, maybe $9 milliom market cap and $10 million in debt and trades on the OTC)
Neostem has about 100 plus full time employees, a CEO who's an M.D., and a Sr mgt team of several VP's who are M.D.'s and the rest medical field Ph.d's etc. w/ extensive backgrounds of past medical product development experience and successes (BHRT has 4 full time and maybe 1 part time employee as of latest SEC filings, none of which are an M.D. or have any track record of successfully bringing a medical or drug product to market, no FDA regulatory expertise or past success, etc. per their own listed resumes)
Neostem has about $30 plus million in cash against about $16 million in debt, at least leaving them a net cash position over $10 million. (BHRT had $46 THOUSAND total cash left as of last 10-Q filing, $10 plus million in debt and a "going concern" warning in their latest SEC filing(s))
Neostem has about 35 MILLION total shares outstanding w/ a market cap of about $170 MILLION dollars. (BHRT has about 600 MILLION plus shares outstanding and climbing rapidly, w/ a market cap of maybe $9 MILLION total, w/ debt of $10 MILLION or more)
Neostem has about $16 MILLION in revenues (BHRT, maybe $800K, and that's not from their "key" heart product that's in development, and last qtr's 10-Q showed the cost of sales to be almost as much as the revenue, revenue was $579K, cost of sales was $523K, made no sense IMO)
Neostem's trials are still on-going and moving forward (BHRT's last trials have been parked, the two key, most advanced, the REGEN and MARVEL trials not advancing since 2009/2010 time frame for "lack of funding" and the MIRROR trial enrolled ONE patient then also stalled out for "lack of funding" per their own SEC filings, including the most recent one)
I just don't see how BHRT could really be considered a "competitor" to a company like Neostem? Just don't see that at all IMO.
"Awesome"?
Not sure what's "awesome" about the guy cashing out debt for common shares? To me, he's just switching money he is owed into common shares- IMO, typically a sign one wants to sell and "cash out". A debt holder is almost always in a senior position to a common shareholder.
So by doing all these debt-to-equity swaps they've been doing, it appears they just want free trading shares they can sell/dump and move on IMO.
Not sure what can be inferred about it beyond that? BHRT obviously doesn't have, and hasn't had cash to pay these debt holders back for years- they've been making some interest and other minimum payments to them it appears from what can be deciphered from the 10-K and similar, as far as my read indicates.
So if a guy wanted to get at least some of his money back quicker- IMO, you convert to common stock, which you can then free trade at will, meaning sell if you want and get out. Again, inferring more than that at this point seems impossible to know- all he's done is change money owed into being paid in common stock shares. That's all that appears to have taken place. Of course it increases his "stake" as he now holds more common stock shares.
One would assume this is also just more dilution also- cause it's effectively paying debt, not from cash for example (the revenues for instance) but just issuing out more common stock. Says he converted like $192K dollars. For example: $192K/.015 per share = 12.8 MILLION more shares just handed out. They are issuing stock like water at every turn it seems, from paying common bills, to paying debts to any other number of reasons. On-going, constantly from reading the SEC filings.
It's interesting it seems in light of this recently filed lawsuit. Cause that involves his apparent ex-wife, who upon the divorce, got half the debt the "Leonhardts" were owed. Whether or not she's still a debt holder/owed money or was paid back or has gotten in on any of these debt-to-equity swaps is not clear in any filing or anything I've seen?
https://www.clerk-17th-flcourts.org/Clerkwebsite/BCCOC2/OdysseyPA/CaseSummary.aspx?CaseID=7862332&hidSearchType=party_case&DisplayCitation=no&CaseNumber=CACE14021256&SearchType=
http://www.sec.gov/Archives/edgar/data/1388319/000114544311001144/d28764_ex10-63.htm
http://www.sec.gov/Archives/edgar/data/1388319/000114544310001842/d27040.htm
"That 8-K SEC filing states that Leonhardt had filed divorce papers: PAGE 17
"In February 2010 the Company’s Chief Science and Technology Officer and his spouse filed divorce papers. Pursuant to the divorce, their jointly owned shares and their ownership of the loan to Bioheart which they hold as a result of their payment of $3 million of principal and related interest to Bank of America on behalf of Bioheart, would be divided equally between them. As a result, the Chief Science and Technology Officer’s common shares were then reduced to 2,513,840 and his percentage shareholding of the Company to 13.8%, with his former spouse assuming ownership of the same number of common shares and percentage shareholding of the Company. Their commonly owned loan and related interest, as of March 29, 2010, $4,140,201, was been equally split. The Chief Science and Technology Officer on March 29, 2010, elected to convert his portion of the loan and related interest to
restricted common stock and warrants. As a result, Howard Leonhardt, the Company’s Chief Science and Technology Officer, as of March 31, 2010, owns approximately 22 % of the Company."
Form 4's, hadn't seen um until now when you pointed them out. Just gave um a glance.
Looks like pretty much everybody (meaning Sr. mgt and BOD) just got a 400K share block grant of options (right to buy). Looks like it was done on 11/3/14 for everybody I think.
What's interesting though is the share price (right to buy) is at .025 cents, which is quite a bit higher than the market price on 11/3? (11/3 was 2 cents a share or less I beleive, market price?)
So not sure how that was figured and and why? Options are usually granted at the market price- as far as I'm aware, a lot of time even lower for Sr. mgt by using set-aside preferred shares and stuff like that. Unless they're doing paperwork for options granted earlier when the price was higher, but that doesn't really make any sense as the transaction dates are all 11/3/2014 as far as I can tell, so who knows?
I'll look through a 10-K later and see if the "incentive plan" or whatever it's called, states how the option grant price is calculated.
And secondly, they appear to be "instant vest" options, meaning the grant date and then right to exercise date in box #3 and box #6 is the same date. Making um exercisable the day they were granted, not vesting over a typical 4 yr schedule which is more common.
Of course with the price being where it's been, a 2.5 cent option is "out" of the money- not worth anything right now. But if I remember, it seems that 400K block has been seen in the past- so pretty sure it's some on-going, quarterly or some part of a pre-established "incentive plan" or whatever they call it.
So almost certain this is nothing more than something to do with their on-going, or what they call their annual compensation or incentive plan- something like that IMO.
Saw your second post that, "something is up with BHRT" to that effect. Gotta say, seems that way, the past few days trading is a wild ride to say the least- from nothing vol and days it barely opened last week and maybe traded like $2K for the entire day, to a 14% price swing yesterday closing in the red, to now 2 million plus shares or whatever it is today, with a low of .015 and then a close up at .0165, but on lower volumes towards end of day I believe. It's a wild ride to say the least.
Unfortunately - don't know if it's "something really is up" or is this just more odd-ball fast trading, with the likes of now Magna and/or Asher and similar all behind the scenes driving most of the action?
I sure don't know; that was .015 to .017 again today, about a 14% swing or more, it's just all over the place, and now today, a good size (double the normal) volume spike? We'll see if it goes back to low or little vol in the next few days - that may be telling.
1.2 MILLION shares, 1 hour into trading day, and they got it pinned at basically 1.5 cents? Holy cow.
Last week it wouldn't even open several times, for one hour or more and would maybe do $2K, maybe $3K total dollars traded for the day?
This is a wild ride - I think we're starting to see how ole Magna, does what they do. Remember, they already got 9 million low priced shares in up-front fees for the credit line financing deal and they got the convertible type $200K/$300K note deal just prior to that.
This is wild IMO, the way this is trading now. Flat and hardly any vol one day, then a 14% or so spread and swing yesterday on pretty high vol, only to close it down, red. Now it does 500K shares right out of the gate, within 8 minutes of market open, but is pinned perfectly at .0152?
Wow, fascinating IMO. If this breaks 1.5 cents in here, I think it might be look out below. Even w/ multiple PR releases, the 10-Q and "revenue" and all, there just appears to be little to no buying interest IMO, or at least not near enough to over come whoever's driving the big share trading.
(make that almost 1.5 million shares now, pinned down at .0152, perfectly? Wild to watch this, they're unloading a boat load maybe for somebody or is it a short-cover from when they ran it to .0170, .0175 like yesterday perhaps and doing it all with the price perfectly pinned on the bid? Wild.)
Got the spread cranked wide open this AM, looks like they're gonna try and ride the ole PR train.
I mean, how many years would it be for this "trial" in today's PR to ever even remotely reach a phase II/III, when they can't even fund or advance forward the phase II/III HEART trials they have now (which now go clear back to 2009/2010), their reported "expertise"- so what is this PR "degenerative disc trial" even supposed to amount to, or how would it ever be monetized and become an approved product/therapy or even progress further in the future? They haven't journal published anything in years (at least not that I'm aware of, not in any major academic or high level medical journal I'm aware of?)- despite all these "studies" and "trials" going on all over the place? Makes zero sense IMO? They can't advance their HEART trials for "lack of funding" (see 10-Q just filed) and their name is BioHEART, but they're gonna run all these other trials for all these various maladies now too? Really? $46K cash left on the balance sheet in the 10-Q just filed?
Bid .0153 and Ask .0172, just swung it over a plus 12% range, in a blink, on some small trades. Wow. No shame in the dude's making a market for this one. Who would pay a 12% spread just to get a fill on like $500 or maybe a $1000 bucks worth of stock? I sure don't get it.
This one's really wild lately- 2 days last week where it doesn't even post a single, opening trade for 1 hour one day, then 1.5 hours or more the next. Then it traded a day or two with like $1,300 bucks or so total dollars traded for the day.
Now, they got a PR out, and whoever's making a market in this cranks the spread just huge, wide open and it swings 11% or more in a blink, then just sits parked a while again, took 30 plus minutes, going on 45 between another small dollar amount to trade?
Now they just took a few for about a 10% spread in those last small trades, taking it from +12%, back down to just plus 2% in a blink. Holy cow. Loss of 10% in a position, from one minute to the next. That can't feel too good IMO. Just tightened the spread just a tad now w/ Bid .0155 and Ask .0164, looks like maybe running out of gas from the AM PR attempt to run it up a bit.
Still way, way, way below the 50 DMA and the 200 DMA, so another PR just doesn't seem to move the needle much anymore at this point, the way it looks to me. Downtrend is solid, in place still so far.
Just went red, from +12% in AM. Wow.
Strange brew IMO.
"ADD" a "second" site? But wait? The ORIGINAL documents for this trial, as uploaded to clinicaltrials.gov clear BACK in March, 2014 already listed THREE SITES as being in the trial?
So going from an original claim of "THREE sites enrolling" to now "TWO SITES" is called "expanding" in the PR? Fascinating IMO?
This "Dr. Julian Gershon" of today's "new PR" was ALREADY listed, back in March, 2014 as being one of the 3 sites. So how does it now get "added" as a "2nd" site- if the "claim" was made back in March, 2014 that is was already part of the study and already enrolling?
How does that work?
http://clinicaltrials.gov/show/NCT02097862
Look at the date stamp and "last verified" stamp, MARCH 2014 and states NO CHANGES MADE, "last updated N/A", thus this would be the original info uploaded, 8 months ago? It clearly shows and states THREE sites as "enrolling", so how can today, 8 months later a "second" site be added to just ONE site? How?:
"Locations
United States, Colorado
Dr. Gershon Recruiting
Grand Junction, Colorado, United States
Contact: Carissa Matton cmatton@bioheartinc.com
United States, Indiana
Dr. Silbert Recruiting
Indianapolis, Indiana, United States
Contact: Carissa Matton cmatton@bioheartinc.com
United States, Texas
Dr. Lightner Recruiting
Laredo, Texas, United States
Contact: Carissa Matton cmatton@bioheartinc.com
"
I count THREE there? So now it's been ONE all along, Dr. Silbert, and what happened to the the Dr Gershon of Colorado and the Dr Lightner of Texax? They just vanished for a while I guess? And now, at least the one, is being re-introduced in a BHRT "PR" as being "new" and the "2nd site" being "added"??
Seems like typical BHRT confusion and mis-match, IMO, where the PR and previous info, already published just somehow don't jive with each other?
Further, the PR today says it will be "randomized". The clinicaltrials.gov sight say NON RANDOMIZED, open label??
So which is it? The official, published info loaded onto clinicaltrials.gov or now a "PR" blast from Bioheart- which seems to have contradicting info with the clinicaltrials.gov site? Which should be trusted as correct and accurate?
"Official Title: An Open Label, Non-Randomized, Multi-Center Study To Assess The Safety and Effects of Autologous Adipose-Derived Stromal Cells Delivered Intra-Discally in Patients With Degenerative Disc Disease"
From PR release today:
"Bioheart has initiated this new study for DDD which will include a randomized control arm."
So which is it? Randomized or Non-randomized, cause that's a HUGE change in a trial and its design and execution? How can that just "randomly" be changed on the fly?
Further, this PR is vague as usual IMO. HOW MANY ARE ENROLLED then so far at what must presently, to date, be the ONE and ONLY site (not the THREE stated on clinicaltrials.gov?) It doesn't say in the PR how many are already enrolled of the "up to" 100?
It uses the words enroll "up to 100" patients, which really doesn't mean much. That wording, the way it is written, it means they "might" enroll 1 patient at which point the PR would now be "true", or maybe 5 or maybe 25, who knows what "up to" means? It's open ended wording, with no finite, mathematical defined or known number, it's a range.
Up to 100, from a mathematical standpoint would mean any number great than 1 and less than or equal to 100. 1 < X </= 100
It should read, IMO (according to how a typical, clinical study would be designed and run, meaning when the trial is designed, they already know a fixed number or the minimum number of patients required to reach statistical significance)- it would read for example, "The study will enroll a minimum of 86 patients and up to as many as 100 patients to meet the statistical end-points needed, blah, blah, blah".
So, how many have been or will be enrolled as of today? From the PR (typical IMO) no one can know or tell?
Yet, the clinicaltrials.gov site said they expect initial completion in March 2015, just a little over 3 months away?
"Estimated Primary Completion Date: March 2015 (Final data collection date for primary outcome measure)"
That doesn't seem likely if they're just now "adding" the 2nd site of what it says is a MULTI CENTER TRIAL from DAY ONE? Again, how would that "work"?
I don't get it? It's murky and confusing PR IMO? What happened to the site in Texas, listed right there on clinicaltrials.gov? Is that going to be re-released in a later "PR" too?
"its on its way IMO. BHRT runs every 12 months for the past three yrs with the Magna deal expect it to run very soon."
"I am holding for $0.45 it should happen if it plays like other stocks."
"$1.00's we would be great .. IMO the short term will see double digits.."
Any update on the suspected timing of the "big run up" or double digits?
Seems kinda stuck pretty hard at the 1.5 cent range now?
What would be the expected "short term"? Any estimates? Does it just need maybe a few more months perhaps?
Any updates would be great.
Wow, it's a 1.5 CENT stock again. Pretty amazing- down from .08 to .06 in just March/April. That's 70% plus loss to the common shares in about 8 months. Market cap is back at $8.5 million when latest 10-Q showed dept at $10 million plus.
It was at .03 in just July/Aug time frame. That's a 50% haircut now to, today about 3 months later, despite lots of news and PR and all?
Tues and Wed it doesn't even open for 1 hour to 1.5 hours- not a single trade when the markets opened- it just sat parked. Then Wed they closed it "up" 6% on one, tiny trade end of day.
Then yesterday, they open it down hard on a single 210K share trade, down 6%, almost like a short-cover maybe in the AM, from all the shares they sold on Wed on the +12% spread at .0170 area.
Now today, 1 second after 9:30 Eastern, they open it down hard again, 5% down on qty-2 trades, one for 10K shares and one 1K shares. (it appears "parked" now, after those two trades, 1 second after market open)
11K shares at .0152 = $167 bucks worth.
So it's swinging 12% to 15% or more in under 24 hours, often on very tiny volume and dollar trade amounts. Ill-liquid looking at times, for 2 or more hours as not even a single trade posts? Odd IMO? Saw a 2 hour block of time yesterday on the Level II historic where no trades posted.
This is in a sustained, major technical downtrend and weakness and not a single PR, or the 10-Q or the "revenue" or the "financing" or anything has even slightly abated the down trend for 3 plus months now, or even come close to reversing the down trend by sending it back near the 50 DMA, let alone the 200 DMA.
Don't know what's got it in the funk? All the good news and PR and stuff- and now it's back at 1.5 cents? Sorta hard to figure out?
At this point- I'd prefer just say some "fellow I-hub" members is probably best. Again, I'm purely speculating, I'm amateur at best and don't know enough to prove anything- so I don't want to go on record like I'm claiming expertise or anything.
I literally stumbled on that OTC depth/Level II tab and just clicked it one day. You know I'd mentioned "flat lining", these long periods of seemingly no trades. Then I opened that depth/level II tab for the first time and I saw these real small, odd value (say 126 shares or something trades, I did the math real quick, and was like shoot, a $1.68 trade or something? Really? That's when I was like OK, this is "interesting" to say the least) and then I could see the time stamps and knew for sure that those time gaps/flat-lining periods sure appear real- and just found it again, "interesting" to say the least.
I have a feeling, an initial reaction from the ole SEC, cause they probably warn right on their site and BHRT probably warns right in their SEC filings is something to the effect that, "OTC stocks can be thinly traded, thus no guarantees that orders may fill in a timely fashion or at a particular price.." blah, blah, blah.
But I'm saying, "come on"- BHRT has had news out, only a few months ago orders would flow back and forth, real smooth with bid/asks updating, the stock would pretty much open at 9:30 AM with the rest of the market- and now?
That's all I'm saying at this point. I'd say me, personally, I'm in "research" mode at this point- wanting to get a better feel at watching that Level II historic tick. I may upgrade and get a real time Level II, I've had it in the past. I'd be real curious if anyone has it, when that OTC board Level II is showing "flat line"; at that moment is a "live" Level II literally parked and just sitting stagnant? Try and find someone on here who has full level II, that would be real interesting IMO.
I'll tell ya- when I used to watch listed, NASDAQ stocks on a level II ticker- it moves at blinding speed- updating constantly. I wonder if BHRT, in say this AM one hour gap- was literally no bid/asks even posting- cause that's what my retail account showed. It literally was stamped with yesterday's date, the yesterday's closing price and no bid/ask appeared "live" or to budge or update even once- for well over an hour into the trading day.
See if you can find someone here with live Level II. If it does one of these "no trades at 9:30 AM market open"- see if you can ask um, is their screen stagnant, meaning nothing scrolling, no bid and asks being flashed as if no orders are trying to be matched as buys and sells. That would be a good piece of data IMO. That OTC site is on 15 minute delay- I'd like to know is any bid/ask moving, flashing, doing anything when this flat-lines. Which I'd find hard to believe- meaning not one soul out there for an hour had an interest to buy or sell so much as $500 bucks worth of BHRT, or is it they only have one MM/Broker now, whatever he's called- and maybe he's "gatekeeping" or something? On a listed stock- shoot, there's like 5, 10 or more MM's flashing orders and trying to match bid/asks so fast - it's a rolling video game screen. How can this stall for one hour or more?
Try an figure out the long stalls, flat line periods first and also the tiny, tiny micro trades- the $4 dollar or $1.72 stuff- that's the first place I think is most interesting IMO.
Well, best thing to do and watch IMO, only "tool" I discovered at this point is that depth/level II tab on the OTC site.
http://www.otcbb.com/asp/Info_Center.asp
Put BHRT in the main search box and you'll get the BHRT main quote page. Then use the "depth/Level II" pull down tab.
Take a look at it today and see what you think. See the last trade- 3000 shares right at the end, after they'd taken it to .0157 or whatever it was right before. Then look and you'll see some 250 share trades. I don't know- maybe they're "clean up" blocks, those 250 shares ones? Like someone wanted 5,500 shares and they filled the last 500 in qty-2, 250 share chunks? I don't know for sure each time.
But on a few days, I was certain I'd see like the stock just sitting, maybe like an hour, then a small trade, like 100 or 200 shares (a few dollars worth) would post on a "down tick", meaning taking the price lower, and maybe drop it as much as 6% to 10% in for a few dollar trade. Again, who at like E-trade would do that when a commission is $9.95? They'd really post a trade for $4 bucks and let it fill an then pay a $9.95 commission? I just find it hard to believe.
I'd also say the biggest concern/oddity lately- is how it can sit like today and yesterday for 1 hour to 1.5 hours w/o a single trade posting- look at the AM time stamp on today's first trade. I find it hard to believe with the PR and all- that not one single buyer and a seller were out there and they wanted to buy or sell $500 bucks worth of BHRT, and these MM's or brokers or whatever they are, they couldn't let or get those two orders to find a match on a common ground, acceptable bid/ask price transaction? How could that be? When it trades "normal"- orders just flow back and forth smoothly, the bid and ask adjusting up and down a bit until a buyer and seller match and the order fills, like it's supposed to.
I checked 3 places this AM, and the quote info did not update from yesterday until past 1 hour into the morning. Meaning there wasn't even a bid/ask posted and the date showed Nov 11th, until well past 1 hours into the day- that was I-HUB's quote the OTC site quote and I logged into my typical discount broker to see what their system said- and all data looked frozen in time from end of yesterday- like nothing updated with a bid/ask until well past 1 hour into the trading day? Is that the OTC, or that no one's "making a market" much in the stock? I don't get how that can be? It seems that when the opening bell goes ding, when 9:30 AM Eastern hits, you're supposed to see real bid/asks begin to post for TODAY, not see yesterday's closing info and even date stuck on the screen?
Watch that depth/level II tab for a day or two- especially if we get another day where it doesn't post a single trade on open. Log into your own brokerage account and see if it shows day old data, well past 9:30 AM when it happens.
That's the only place I know where to look so far. Watch and see if you see those micro trades. Figure in this price range, 100 shares X .017 = $1.70 cents worth. IMO then, anything less than about 500 to 1000 shares minimum, to me, is "suspect" as not being a "retail" order routed from like a typical E-trade or similar.
Piers, I've just been watching the level II historic. I found that on the OTC board, they give you the historic, daily trades, time stamped and all.
What dubb is referring to- is I've pointed out several times, what I find, to say the least, are shall we say "interesting" appearing trades, trading patterns IMO.
The stock is way down right now. The vol has dropped off sharply. Well, you go look at some days, total trades for the day- and it's real interesting sometimes.
Like trades going through for like $4 bucks worth or maybe $10 bucks worth in a single trade. Often right at a key moment- maybe end of day, to drop the price right on the last trade of the day.
Or middle of the day, they (whoever these trading desks are perhaps)-they may put up a $50 buck trade, which seems unlikely to be a retail buyer through like E-trade or something, they'll use that $50 buck trade to open a big spread, kinda to entice retail buyers in. So then you'll see a bunch of "normal" looking trades moving up on like 10% "up" say, chunks of like 3000 and 10,000 and 20K share blocks, much more "normal" dollar amounts probably that someone at say E-trade might place as legit, retail buy orders.
Then, you watch and suddenly, in one or two micro-trades, like sometimes as small as 250 shares, or I think I even saw some odd-ball number like 128 shares or something, they suddenly notch it down in like two trades, wiping out the 10% spread- like they just got the E-trade buyers to pay 10% plus, now pulled the rug out from under um using maybe $20 bucks worth of shares trading hands.
When you see the patterns- you just gotta ask is that really all "retail" and possible- I mean E-trade or someone would really route a $4 dollar or $9 trade through or something?
That's what dubb is talking about. The stock's been behaving real odd too again- where like today and yesterday, not a single trade doesn't post at market open for like 1 hour, maybe 1.5 hours. One has to ask- are they, these MM or brokers whoever they are, are they really trying legit to "make a market" and match buy and sell orders? Or do they somehow lock it down for a while or something? Same in middle of the day- they might blast out a bunch of normal looking trades- like orders are matching and filling, then suddenly a 1 hour blank spot where not a single trade posts.
The vol is way, way off on many days lately. I call it "flat-lining", these big dead spots w/ no trades. When it's done this a few times in the past- it seems to make the stock super vulnerable to a sudden, big drop that can happen in a blink IMO. As they, whoever these traders are can make it go ill-liquid it seems, then one big sell order of "size" would tank it substantially- as there appears to be little to no regular back n forth, smooth flow of orders matching and filling in a normal kind of rythm.
That's it in a nut shell. Can't prove what it is, if it's really pro trading desks "working" it- but it sure looks odd some days.
Here's the OTC link I've been watching:
http://www.otcbb.com/asp/Info_Center.asp
You put BHRT in the search box, hit enter and get the main quote page. Then use the "depth/Level II" pull down tab- and you'll see the entire day's list of trades w/ time stamps all laid out.
Just interesting IMHO. Dubbs been watching it a bit too- thinks same thing, that it sure doesn't look "retail' a lot of the time. Again, can't prove it- but just smells odd watching it some days, especially when the vol drops real low.
"It's obviously not retail investors."
I'm tending to believe it more and more too, I'd say you're correct. Question is- who's pro trading desk are they sitting behind?
Me, from all I've read on some great forums here like I-HUB and other places, it sure smells of the likes of Asher and a few of the other convertible debt guys. They're notorious for this stuff from what I've read. I don't have any first hand proof or experience, but some discussion boards have some people that seem pretty "in the know" and tracked this stuff with many companies over many years and so forth- and they said this is all the "normal" stuff one sees when the likes of an Asher or these other couple of firms they did convertible debt, floorless deals with, when those firms "do what they do". It's how they make boat loads of money.
I saw the one forum- and they were giving some examples (I just use Asher a lot, cause they and this Curt Kramer guy appear to be one of the most well known, notorious and well studied and tracked)- they were showing how these guys aren't out to make like 15% return on their money (which would be great in today's world) or even 25% return (pay day loan money), they supposedly can make like 100% or 200% or more return on these debt deals, in like 6 months or less often- again, I can't prove that, it's what I've read. If it's true- it's making staggering amounts of money. The one forum showed that Asher alone had like 800 current OTC deals going at one time- imagine $25K to $50K loaned out on 800 deals, and via whatever they "do", these trading tricks or shorting, the 45% to 50% share discounts, or how ever they do this stuff- they're gonna make say even 100% return on their money on 800 deals at say $35K each deal. WOW. Like having your own ATM machine. And they appear to walk the fine line of the laws, right to the edge, and once in a while they may get a hand-slap, maybe a fine for a "violation", they tie it up with the finest lawyers money can buy, maybe pay $1 million in fines or something, but they made $25 million or whatever- so big whoop, what do they care, right?
http://investorshub.advfn.com/~-ASHER-~-25451/
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=68247638
Don't know how anyone can prove this stuff- it would take real forensic examination of trades, broker names on the trades, tracing um back to their origin, knowing who they were trading for- like I'd doubt Asher trades direct for example, but they might have a "friend" across the street say, who handles order flow for um, say something like that. These are real, real smart and sophisticated dudes IMO, and now with electronic, micro second trading networks and all- I bet the web they can weave is so complicated, unless there's mega bucks involved, what watchdog or enforcement agency is really gonna go after um? My 2 cent opinions. It appears to be a common and unfortunate, often common story, primarily thriving in OTC land.
Closed it "up" 6% on a single, 3000 share trade.
http://www.otcbb.com/asp/Info_Center.asp
Depth/level II tab:
At 15:38 Eastern is was down at .0157
Then, at 15:41, 20 minutes before actual market close- it posts it's last trade of the day, a single trade for 3000 shares at .0170 to swing it about a 12% spread and cause it to have closed "up" a full 6%.
3000 X .0170 = $50 bucks. Yep, a single $50 trade swung is about 12% or more to "paint it up" into the close.
Man, someone is really, really "working" this one IMHO. I just find it hard to believe that some retail buyer just needed $50 bucks worth so bad, end of day- that they paid a 12% or more spread to get those shares? Maybe it's possible, who knows?
But it looks to me like another micro-order from some pro trading desk being used to swing the price around to where they want it to be. What's dropping $50 bucks on a trade, if it's being used to set up or close out some larger positions from today or for tomorrow?
Magna deal, I remember had a bunch of language in it about the company and/or officers not being involved in at least "certain" types of law suits, etc
Wonder what this latest suit means to all that?
The Magna official SEC documents were uploaded and posted on 10-24-14on the SEC EDGAR database. Then this new lawsuit is filed on 11-4-14 naming pretty much the entire BHRT BOD,the CEO, Northstar, a past director and the company BHRT itself? The timing sure seems pretty close together to be coincidence IMO, maybe?
Just one example I remember reading from the 8-K filing for the Magna financing deal:
http://www.sec.gov/Archives/edgar/data/1388319/000114544314001254/e61149ex10-1.htm
PAGE 16:
"Section 5.13. Actions Pending. There is no action, suit, claim, investigation or proceeding pending, or, to the Knowledge of the Company, threatened, against the Company or any Subsidiary which questions the validity of the Transaction Documents or the transactions contemplated thereby or any action taken or to be taken pursuant thereto. Except as set forth in the Commission Documents, there is no action, suit, claim, investigation or proceeding pending, or to the Knowledge of the Company threatened, against or involving the Company, any Subsidiary or any of their respective properties or assets, or involving any officers or directors of the Company or any of its Subsidiaries, including, without limitation, any securities class action lawsuit or stockholder derivative lawsuit related to the Company, in each case which, if determined adversely to the Company, its Subsidiary or any officer or director of the Company or its Subsidiaries, would have a Material Adverse Effect. Except as set forth in the Commission Documents, no judgment, order, writ, injunction or decree or award has been issued by or, to the Knowledge of the Company, requested of any court, arbitrator or governmental agency which would be reasonably expected to result in a Material Adverse Effect."
Page 37:
" No Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any court or governmental authority shall have been commenced or threatened, and no inquiry or investigation by any governmental authority shall have been commenced or threatened, against the Company or any Subsidiary, or any of the officers, directors or affiliates of the Company or any Subsidiary, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents, or seeking material damages in connection with such transactions."
I don't know- I'm not a lawyer by any stretch, but the plaintiffs in this new suit, sure sound like they might be "derivatives" holders maybe since they may be "guarantors" to underlying debt and also may still hold large numbers of BHRT shares, maybe some warrants or something? Don't know- but seems possible? Thee plaintiffs, Leonhardt and the Greystone guy clearly it seems have some major financial interest still in BHRT, or at least a past, very large financial stake in the company and were large shareholders and/or lenders of large amounts of money to the company.
Very fascinating IMO.
Wonder how this will all play out or if they'll even say anything about it?
"Bioheart Announces First Intracoronary Implantation of Adipose Stem Cells in Azerbaijan "
Another vague PR IMO? Was BHRT even there? What exactly was BHRT's role in this "treatment" or whatever it is? It really doesn't say? Is there some BHRT proprietary technology involved? Where is that stated?
It's just that boiler plate (IMO) statement about, "We're bring there therapies to the world", blah, blah, blah.
I mean most people probably have never heard of Azerbaijan or could even find it on a map. It's another poor country with an average per person income of about maybe $7K maybe $8K U.S. per year. I mean what's the market there for stem cell procedures and "treatments" and all?
I don't see the connection or where this is supposed to lead? Was this done under some controlled, clinical trial setting? Doesn't seem like the PR really says much- kinda typical IMO.
New lawsuit involving Tomas and other BHRT Sr. Mgt. Very interesting IMO. Filed on 11/4/14 looks like. Guess no PR or anything about that?
https://www.clerk-17th-flcourts.org/Clerkwebsite/BCCOC2/OdysseyPA/CaseSummary.aspx?CaseID=7862332&hidSearchType=party_case&DisplayCitation=no&CaseNumber=CACE14021256&SearchType=
Wow. What's super interesting IMO- is that Brenda Leonhardt is named as a plaintiff in the case? Wouldn't that be the former CEO's ex wife, if I'm not mistaken? In one of the SEC filings it described their split and that she was a "guarantor" or something still to some past BHRT loans or something like that? Have no idea who Bryan Collins is?
Found Bryan Collins- he's associated with Greystone it looks like. They had a credit line with BHRT recently. Wow. Real interesting. Here is a SEC document- it's signed off by Bryan Collins of Greystone Capital Partners, PRESIDENT. Wonder if all this has something to do with this Magna deal or something, based on the timing?
http://www.sec.gov/Archives/edgar/data/1388319/000114544311001144/d28764_ex10-63.htm
Signed at bottom by Bryan Collins, plaintiff in this new lawsuit.
Past 10-K, 2011, PAGE 63:
"The Company has provided no collateral for the loan. On June 1, 2007, for the Company’s benefit, the Company’s Chief Science and Technology Officer and his former spouse, certain other members of the Company’s Board of Directors and one of the Company’s shareholders (the “Guarantors”) provided collateral to guarantee the loan. Except for a $1.1 million personal guaranty (backed by collateral) provided by the Company’s Chief Science and Technology Officer and his former spouse, these guarantees are limited to the collateral each provided to the lender."
At that point I think Leonhardt was not CEO, but held the Chief Science Officer title.
Yes, page 68, same 10-K filing:
" As a result, Howard Leonhardt, the Company’s Chief Science and Technology Officer, as of March 31, 2010, owns approximately 22 % of the Company."
So he was the CSO at that point in time. So that other entry about former spouse would be "Brenda" in this lawsuit, a "guarantor" still perhaps and possibly still a large share holder? Just speculating based on those 10-K entries, but that's how it would look to me, IMO?
They just put out the 10-Q filing which always has a section for lawsuits, and it always seems to say they have none or are not involved in any? Never quite figured that out since they seem to have a couple of um going that involve Sr. company management and BOD members?
http://www.sec.gov/Archives/edgar/data/1388319/000114544310001842/d27040.htm
That 8-K SEC filing states that Leonhardt had filed divorce papers: PAGE 17
"In February 2010 the Company’s Chief Science and Technology Officer and his spouse filed divorce papers. Pursuant to the divorce, their jointly owned shares and their ownership of the loan to Bioheart which they hold as a result of their payment of $3 million of principal and related interest to Bank of America on behalf of Bioheart, would be divided equally between them. As a result, the Chief Science and Technology Officer’s common shares were then reduced to 2,513,840 and his percentage shareholding of the Company to 13.8%, with his former spouse assuming ownership of the same number of common shares and percentage shareholding of the Company. Their commonly owned loan and related interest, as of March 29, 2010, $4,140,201, was been equally split. The Chief Science and Technology Officer on March 29, 2010, elected to convert his portion of the loan and related interest to
restricted common stock and warrants. As a result, Howard Leonhardt, the Company’s Chief Science and Technology Officer, as of March 31, 2010, owns approximately 22 % of the Company."
Almost 2 hours to open with a trade- and they open it on a plus 12% spread?
Really bizzaro IMO? Wow?
Wonder if it stays green? Will be very interesting to see later in the day if a tiny trade or two is inserted to take it back down - like it did yesterday?
Never seen this trade like this that I can remember?
Past 1 hour 15 minutes, not a single trade yet? This is the 2nd day in a row.
Not "comforting" IMO? It's very unusual for it to go this ill-liquid IMO. It's been a bit "slow" at times in the past, but this vol is just gone practically.
Makes no sense IMHO. Not sure what to make of it? Are retail trades even going through like normal?
Has anyone bought or sold even 100 shares or something recently via a retail outfit like E-Trade or something? I checked my retail brokerage and it shows yesterday's date and info still, like the thing is frozen in time? Don't even know what would even happen if a buy or sell order was posted since the bid/ask info appear to be from yesterday? I'm tempted to put up like a 50 share order just to see what it says and how it shows in the order window/update?
Very strange IMO?
Oops, just saw a blip on the I-HUB ticker graph? Is that going to be a trade maybe? I checked the OTC site (15 minute delay) - still showing static, parked info from yesterday? Heading to 1.5 hours into trading day and goose egg so far?
Where's the volume gone? ANOTHER day w/o an opening trade? How long will it take today? Yesterday was 1.5 hours before a single, small trade.
It traded like qty-11 trades total, the entire day yesterday, less than $1,400 bucks or so worth.
http://www.otcbb.com/asp/Info_Center.asp
All the good news is out- all the "revenue" PR's and the "deals" and the 10-Q release and "commission appointments" or whatever they are and all the rest. So where are the buyers and why so much downward sell pressure? It's in a very sustained down trend well below the 200 DMA and the 50 DMA and nothing has budged it for a while now? It's showing major technical weakness and very, very low volumes? The 50 DMA is now at .021 and the 200 DMA is at .027 (inverted)- it would take a major move up on major vol to reverse that trend. But not a single PR or announcement or the 10-Q or "revenue" or anything has appeared to make a dent IMO.
Is there just too much low price share overhang (10's of millions of low priced shares issued out in the past 1 yr, like in the 1 cent range- see 10-Q filings) and dilution and a lot of floorless (commonly called toxic convertible) use of convertible debt deals perhaps? Is that perhaps why it's languishing now at 1.5 cents and a market cap of barely $8 million?
It's down from about 8 cents in March/April 2014 to 6 cents or so to now about 1.5 cents. That's like about a 70% or 80% loss to the common shares in about what, maybe 8 months maybe? That doesn't seem good or stable at all, IMO?
"Got initial non convertible funding."???
When? Where? They got a deal with Magna which is a cash-line, exactly like the Greystone line they had previously (for $1 million versus $3 million over 24 months with Magna) that expired early 2014. Identical essentially- nothing much different whatsoever.
Most recent 10-K end of yr report, PAGE 63 (nearly identical to the Magna credit line, it's not their "first" non convertible funding?)
"On November 2, 2011, we entered into a Standby Equity Distribution Agreement, or the SEDA, with Greystone Capital Partners, or GCP. Pursuant to the SEDA’s terms, we may, at our sole discretion and upon giving written notice to GCP, each an “Advance Notice”, periodically sell shares of our common stock to GCP. For each share of Common Stock purchased under the SEDA, GCP will pay us an amount, referred to as the “Purchase Price”, that is eighty percent (80%) of the lowest daily volume weighted average price of the Common Stock as quoted by Bloomberg, LP, during the five (5) consecutive Trading Days (as such term is defined in the SEDA) immediately subsequent to the date of the relevant Advance Notice. We are not obligated to sell any shares of common stock to GCP but may, over the term of the SEDA and in our sole discretion, sell to GCP that number of shares of common stock valued at the Purchase Price from time to time in effect that equals up to one million dollars ($1,000,000) in the aggregate. GCP's obligation to purchase shares of Common Stock under the SEDA is subject to certain conditions, including (i) periodic sales of shares of our common stock to GCP must be separated by a time period equal to five Trading Days, and (ii) the amount of any individual periodic sale designated by us in any Advance Notice shall not exceed fifty percent (50%) of the average weekly volume of shares of our common stock traded during the two (2) week period immediately prior to an Advance Notice, where a “week” is five (5) consecutive Trading Days. GCP’s obligations under the SEDA are not transferable.
During the year ended December 31, 2013, the Company issued an aggregate of 31,052,141 shares of its common stock in exchange for $346,914 draw down on the equity line."
They also had massive amounts of "non convertible funding" pre and post early IPO years (bank loans, debt deals, the Bluecrest master fund loand and B of A loan that went into default, loans/debt from Northstar, etc all kinds of "non convertible funding", the Magna deal is far from their "initial non convertible funding", not by a long shot?), having sunk over $118 MILLION into this. There's nothing new here? There is no sign of a "slow weening" off of convertible debt deals- read the latest 10-Q. They just did 3 more of them, right up until Oct 2014, despite "revenue". What proof is there of any "weening" off of using convertible debt? Their debt actually increased slightly this qtr over last qtr, despite "revenue" and the loss from operations didn't decrease any either- from a yr over yr period compared to 2013. Where are the facts supporting "weening" and all the rest?
It's also not the first year with "actual revenues"? They've booked revenue from catheter sales (as one example) many times in the past. They also used to sell some "system", I don't even remember the name- and the CEO at that time put out PR "projecting" sales in the $10's of millions, even said they'd hired some super new "team members" and one of um was some ace sales guy that was supposed to land big sales of this unit they were selling. I can find the PR easily- I posted it prior.
So what's really different now or this time? Not seeing it IMO? Their financial condition is pretty dire as usual. They finished the qtr with about $46K cash TOTAL left on the books against $10 million in debt and stated another "going concern" warning based on those realities. What exactly is "different"??
"The 10Q includes up until 9/30/2014
The agreement went to SEC 10/24.
It took place after!! "
100% WRONG. The 10-Q included supplemental information and covers right up until the day before it's filed.
The entire Magna credit line is 100% IN THE 10-Q (READ IT)
Latest 10-Q, JUST FILED, PAGE 26:
"On October 23, 2014, the Company entered into a common stock purchase agreement (the “Purchase Agreement”) with Magna Equities II, LLC, (the “Investor”). The Purchase Agreement provides that, upon the terms and subject to certain conditions, the Investor is committed to purchase up to $3,000,000 (the “Total Commitment”) worth of the Company’s common stock, $0.001 par value (the “Shares”), over the 24-month term of the Purchase Agreement. In connection with the execution of the Purchase Agreement, on the Closing Date, the Company and the Investor also entered into a registration rights agreement. (see above)
SEPTEMBER 30, 2014
The Company paid to the Investor a commitment fee for entering into the Purchase Agreement equal to $150,000 (or 5.0% of the Total Commitment under the Purchase Agreement) in the form of 9,109,128 restricted shares of the Company’s common stock, calculated using a per share price of $0.016467."
NOTICE: the $150K FEE has already BEEN PAID as of the 10-Q FILING, meaning the $3 MILLION line is "activated", right then and there.
Latest 10-Q, JUST FILED, PAGE 31:
"SUBSEQUENT EVENTS
On October 7, 2014, the we entered into a securities purchase agreement (the “Purchase Agreement”) with Magna Equities II, LLC, a New York limited liability company (“Magna”). The Purchase Agreement provides that, upon the terms and subject to the conditions set forth therein, Magna shall purchase from us, a senior convertible note with an initial principal amount of $307,500 (the “Convertible Note”) for a purchase price of $205,000 (an approximately 33.33% original issue discount). Pursuant to the Purchase Agreement, we issued the Convertible Note to Magna. The Convertible Note matures on August 7, 2015 and, in addition to the approximately 33.33% original issue discount, accrues interest at the rate of 12% per annum. The Convertible Note is convertible at any time, in whole or in part, at Magna’s option into shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), at a fixed conversion price of $0.01035 per share. $40,000 of the outstanding principal amount of the Convertible Note (together with any accrued and unpaid interest with respect to such portion of the principal amount) shall be automatically extinguished (without any cash payment by us) under certain conditions described in the Purchase Agreement. In connection with the execution of the Purchase Agreement, our company and Magna also entered into a registration rights agreement (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, we agreed to file an initial registration statement with the SEC to register the resale of the Common Stock into which the Convertible Note may be converted,
On October 23, 2014, we entered into a common stock purchase agreement (the “Purchase Agreement”) with Magna Equities II, LLC, a New York limited liability company (the “Investor”). The Purchase Agreement provides that, upon the terms and subject to the conditions set forth therein, the Investor is committed to purchase up to $3,000,000 (the “Total Commitment”) worth of our common stock, $0.001 par value (the “Shares”), over the 24-month term of the Purchase Agreement. In connection with the execution of the Purchase Agreement, on the Closing Date, our company and the Investor also entered into a registration rights agreement. We paid to the Investor a commitment fee for entering into the Purchase Agreement equal to $150,000 (or 5.0% of the Total Commitment under the Purchase Agreement) in the form of 9,109,128 restricted shares of our common stock, calculated using a per share price of $0.016467."
THEE MAGNA CREDIT LINE, in black and white, IN THE 10-Q. Right there. PLAIN AS DAY.
And what's in that SAME 10-Q FILING? The ole, "we can't advance trials for LACK OF FUNDING" statements.
Same 10-Q, PAGE 29:
"We are seeking to secure sufficient funds to reinitiate enrollment in the MARVEL and REGEN trials. If we successfully secure such funds, we intend to re-engage a contract research organization, or CRO, investigators and certain suppliers to advance such trials. We have initiated and enrolled our first patient in the MIRROR trial in 2013. The trial is very similar to the MARVEL trial but focusses on sites outside the US. We will continue enrollment in the MIRROR trial once we have secured sufficient funds."
PLAIN AND CLEAR as a bell IMO.
"Exactly. All this and the revenues!! "
EXACTLY and the EXPENSES. The "revenues" made NO difference to the loss from operations- it's LARGER than the same 9 month period last yr. They just tapped 3 different convertible debt deals for amounts of like $25K and $35K at a time in two of um- why? Cause they NEED THE CASH. The "revenues" made no difference.
Just the $800K BONUSES they handed out to two people, those had to be taken as promissory notes- as they DO NOT HAVE THE CASH ON HAND to pay them, despite the "revenues".
Latest 10-Q, page 4: just filed- they finished the qtr with a GRAND TOTAL of $46K CASH on hand. Against just short term debts like accounts payable of over $2 MILLION dollars. That's known as being CASH BROKE essentially. "revenues " made no difference. They're spending more than they take in. READ THE 10-Q.
""We are very pleased to enter into these agreements with Magna. These financings help Bioheart proceed with our trials efforts and continue our pursuit to take our therapies to the bedside."--Mike Tomás"
The LATEST, just recent, LEGALLY, SEC FILED, CEO SIGNED, 10-Q, AFTER that above statement was made:
PAGE 29:
"We are seeking to secure sufficient funds to reinitiate enrollment in the MARVEL and REGEN trials. If we successfully secure such funds, we intend to re-engage a contract research organization, or CRO, investigators and certain suppliers to advance such trials. We have initiated and enrolled our first patient in the MIRROR trial in 2013. The trial is very similar to the MARVEL trial but focusses on sites outside the US. We will continue enrollment in the MIRROR trial once we have secured sufficient funds."
Why's that statement STILL in that 10-Q, just filed? Why? Why would it still be in there?
"7% discount!!!!"
It's dilution, and it will be massive. How many shares, at 1.5 cents does it take to get a single $500K draw against that credit line? Further, why does one think Magna FIRST did a highly dilutive, $200K convertible note, with a $300K face value on it? Why that one first? If one would look up the history of Magna and how they "do what they do" it would all be clear as a bell. Magna has a long and well established reputation of being a share price crusher. Just read some of the I-HUB forums, created just to discuss Magna deals and what happened to the companies that took on their "financing programs", one being the very one BHRT signed up for, the "Enhanced equity line" blah, blah whatever it's called. Numerous posts and entire threads on companies and how rapidly their share price declined after using Magna for financing.
Why's the BHRT trading vol almost nothing right now, and the price is parked close to 1.5 cents in a sustained down-trend, when all the big news and "financing" and the 10-Q and all is already out? Why? What's the hold up? Makes no sense to me?
$500K/ (1.5 cents x .93) = 35 MILLION SHARES. Just that one draw would cause that much dilution, and that's not counting Asher, the Magna convertible deal, KBM, Fourth Man and Daniel James, all using convertible debt deals and still diluting, on-going as we speak.
Just this past qtr, they, BHRT diluted out about 45 MILLION shares in a single qtr. Wait till the Magna convertible note kicks in, and then they make the first draw or two on the Magna credit line. There's a reason they bumped the A/S to 2 BILLION, they're gonna bump into that 970 MILLION limit real quick at this rate, IMO (past 650 MILLION already). Easy. Less than 2 qtrs IMO.
And the money from that line- doesn't even cover the present cash short falls of this past 10-Q, it's not even remotely enough to fund a single, FDA level, phase II trial IMO. Notice, the verbiage about still "NEEDING FUNDING TO RE-START TRIALS" was right there as always, in this latest 10-Q filing. Right along side the Magna "financing" info.
"They have been around for years and are currently in phase 3 trials for FDA approval of its lead product Myocell in the US."
Well, actually no. Their phase II/III trials have not advanced or moved forward one iota for quite some time for "lack of funding", the myocell trials stalled out since about 2009/2010. Further, Myocell isn't even protected under patent any longer.
Latest 10-Q, just filed for Q-3 ended Sept 30, 2014:
PAGE 29:
'We are seeking to secure sufficient funds to reinitiate enrollment in the MARVEL and REGEN trials. If we successfully secure such funds, we intend to re-engage a contract research organization, or CRO, investigators and certain suppliers to advance such trials. We have initiated and enrolled our first patient in the MIRROR trial in 2013. The trial is very similar to the MARVEL trial but focusses on sites outside the US. We will continue enrollment in the MIRROR trial once we have secured sufficient funds."
"We received approval from the FDA in July of 2009 to conduct a Phase I safety study on 15 patients of a combined therapy (Myocell with SDF-1), which we believe was the first approval of a study combining gene and cell therapies. We initially commenced work on this study, called the REGEN Trial, during the first quarter of 2010. We suspended activity on the trial in 2010 while seeking additional funding necessary to conduct the trial."
Thus it's quite clear there is no "phase III" trials taking place at this time, and two of the trials have been "dead in the water" going on almost 5 yrs now. The 10-Q is the document to read IMO, not PR links or links to blogs by penny stem sites or similar. You won't find the full story, or all the relevant facts there IMO.
Prior 10-K filed, PAGE 16:
"Our MyoCell product candidate is no longer protected by patents, which means that competitors will be free to sell products that incorporate the same or similar technologies that are used in MyoCell without infringing our patent rights. As a result, MyoCell, if approved for use, may be vulnerable to competition in the form of products that use the same or similar technologies. We have previously licenses certain patents and patent applications relating to our MyoCell product candidate. These licenses have all lapsed as of the date of this report, "
Further, from the latest 10-Q, BHRT is presently spending almost nothing on R&D, again, as they are not funding any phase II/III trials. This latest qtr saw them spend a paltry, approx, $3K per month on R&D, not even close to enough to fund any kind of phase II/III FDA level trial- not even close.
10-Q, PAGE 5: (this is spending for a 3 month period)
Research and development: $8,581
Also, one needs to read the full income statement and balance sheet to see that any "revenues" have been off-set by large increases in the company's expense line entries. Resulting still in large operational losses and cash short falls.
10-Q, PAGE 5:
Net loss from operations
2014, most recent 9 month period: (2,545,703)
2013, most recent 9 month period: (2,190,385)
Thus one can clearly see, that despite "revenues", the company actually has a greater net loss from operations in 2014, than the same yr over yr period in 2013.
The company is still relying on convertible debt to finance day to day operations (toxic financing, floorless convertible share deals)
Most recent 10-Q, PAGE 26: (one can see, the amounts of these deals are small amounts of cash, indicating how cash desperate the company is to take on such horrible financing terms, with steep share discounts, high interest rates, and high dilution of the common shares)
"Subsequent financing
KBM Worldwide
On October 6, 2014, the Company entered into a Securities Purchase Agreement with KBM Worldwide, Inc., for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on July 8, 2015,. The Note is convertible into common stock, at holder’s option, at a 45% discount to the lowest daily trading price of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal and accrued interest at 150%, and any other amounts.
Daniel James Management
On October 3, 2014, the Company entered into a Securities Purchase Agreement with Daniel James Management, Inc., for the sale of a 9.5% convertible note in the principal amount of $25,000 (the “Note”).
The Note bears interest at the rate of 9.5% per annum. All interest and principal must be repaid on October 2, 2015. The Note is convertible into common stock, at holder’s option, at a 47% discount to the lowest daily trading price of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal and accrued interest at 150%, and any other amounts.
Magna Equities, LLC
On October 7, 2014, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with Magna Equities II, LLC, a New York limited liability company (“Magna”). The Purchase Agreement provides that, upon the terms and subject to the conditions set forth therein, Magna shall purchase from the Company, a senior convertible note with an initial principal amount of $307,500 (the “Convertible Note”) for a purchase price of $205,000 (an approximately 33.33% original issue discount). Pursuant to the Purchase Agreement, the Company issued the Convertible Note to Magna. The Convertible Note matures on August 7, 2015 and, in addition to the approximately 33.33% original issue discount, accrues interest at the rate of 12% per annum."
The Magna $3 million credit line spoken of, will also be highly dilutive and is spread over a 24 month period- so it's inaccurate to imply the company suddenly has $3 million cash available to them. That just not the case- they can only "draw" on the line to a certain amount, periodically. Thus cash can only come in spread over a period of time, and will result in large shareholder dilution.
10-Q, PAGE 26:
"On October 23, 2014, the Company entered into a common stock purchase agreement (the “Purchase Agreement”) with Magna Equities II, LLC, (the “Investor”). The Purchase Agreement provides that, upon the terms and subject to certain conditions, the Investor is committed to purchase up to $3,000,000 (the “Total Commitment”) worth of the Company’s common stock, $0.001 par value (the “Shares”), over the 24-month term of the Purchase Agreement. In connection with the execution of the Purchase Agreement, on the Closing Date, the Company and the Investor also entered into a registration rights agreement. (see above)"
The company has been diluting shares at a furious pace, more than doubling the outstanding shares in less than a 1 yr period, this is most likely resulting in a lot of the downward selling pressure in the stock price (notice it's at about 1.5 CENTS right now) - as much of these dilution shares are given out at steep, steep discounts, often 10's of millions of shares at one cent, sometimes even less than one cent.
10-Q 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 and 605,015,919 and 336,682,241 for the nine months ended September 30, 2014 and 2013, respectively."
Thus at 1.5 cents a share, the company is surpassing 650 MILLION shares of stock outstanding (they recently authorized 2 BILLION shares available, and the Magna new financing will add a great deal more dilution to that 650 million number)
The company is in fairly dire financial condition per their own Sr management's statements and that of their own auditors. Here is the warning statement they've issued to disclose that poor financial condition:
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."
http://www.sec.gov/Archives/edgar/data/1388319/000114544314001305/d31740.htm
Those are just some "highlights", again, use the SEC filed document IMO, as your best source of information about the true situation and condition of the company. PR and blogs and similar sources are not of much value IMO. SEC filed documents are legally binding and must be signed by company Sr. Mgt and be sworn to be accurate, etc.
Just my 2 cent opinions. Good luck to you.
Holy cow- took someone on an 11% spread. Wow !
.0157 to .0174 (11% spread) on a single buy, uptick purchase of 10K shares.
That's 10K X .0174 = $174 bucks worth.
Then, it sits, parked, flat lined from 12:22 Eastern to 14:08 Eastern, about 1.5 hours, almost 2 hours w/o a single trade.
It then posts a trade at .0157 for 1,212 shares. Yep, 1212 shares? Wiping out the 11% spread from earlier.
1212 shares X .0157 = $19 DOLLARS WORTH. A $19 buck trade? Really? And it's used to create a "down tick" that cleaned out the earlier 11% "up" spread?
Is this Magna I wonder? They got their 9 million shares or whatever already - the $150K up-front "fee" for the credit line (see latest 10-Q filing) and they're most likely starting to get some of the shares (I'd assume) for the $300K/$200K toxic note described in the latest 10-Q filing, so is this now Magna kinda "doing what they do"? I wonder?
These trading patterns IMO, make zero sense. I mean a $19 dollar trade, shaving off an 11% spread back to zero? That's supposed to be a "retail" order like some dude just posted through E-trade or something? Really? I just find that hard to believe, IMHO.
A 4000 share, single trade, just took that AM spread away. One trade, after a blank period of 40 minutes, takes it from .0165, to .0157.
That's 4000 X .0157 = $63 bucks worth, to wipe out a greater than 5% spread, they used on open, which took 1.5 hours to even get that single, opening trade?
Amazing IMO. This one's trading "strange" to say the least. Pretty much ill-liquid looking here now. Wide, wide spreads, almost no volume and micro dollar/volume single trades that can swing it 5% to 10% in a single trade.
When it's done this "mode" in the past, I wouldn't be surprised in the slightest to see a day where it dumps off real hard, like down 25% plus or something, to like one cent, in a blink. This "mode" it's in right now, IMO, is how that's typically happened in the past- it goes wide spread, ultra low volume, nearly ill-liquid, than bamm, big price drop is coming.
Just speculating from past patterns. Who knows at this point for sure?
Took 1 hour and 37 minutes to first trade- and they got a 5% spread on it, to open it "up".
It was 10K shares @ .0165 which is $165 bucks worth. So "up" 5% on a $165 buck, single trade, 1.5 hours into the trading day. It's gone to nearly ill-liquid at this point, in my opinion. Just sits, parked for 1 hour or more, several times a day.
They got the spread at like 10% plus now, holy cow. Bid is .0156 and ask .0174, man, they have no shame IMO, the brokers on this one.
Interesting.
Almost 1.5 hours into trading day, NOT so much as $1 traded? Wow.
http://www.otcbb.com/asp/Info_Center.asp
That can't be good, IMO? Volume has dropped to near nothing again. Yesterday was maybe 200K shares total for the day and it closed red, almost hitting the 1.5 cent mark.
All the good news, the 10-Q with the "revenue" and all these PR releases and all this "stuff" going on- and it's at 1.5 cents and a market cap now of about $8 million. PR and news just doesn't seem to move the needle on this at all anymore? Strange it seems?
An $8 million market cap now, which is less than the $10 million in debt just reported on the 10-Q? What's going on with this one? This might hit one cent before year end the way it's been trading lately, IMO.
I sure don't get it?
Wow, several more TOXIC, convertible note deals done- just recently. All this reported "revenue", but they just did several more, convertible debt deals as recent as early Oct (about one month ago) with horrible, extremely stiff terms IMO.
They must really, really be desperate for cash IMO, when one looks at the amount of cash brought in on these toxic note deals, yet they, BHRT were willing to accept such horribly stiff financing terms? (and then they still finish the qtr with a paltry $46K cash left on their cash account line?).
Latest 10-Q (filed today), period ended Sept 30, 2104, PAGE 26: (qty-3 more toxic, convertible debt deals and these are whoppers IMO. We knew about the Magna deal from the PR, but not the other two, holy cow)
"NOTE 13 — SUBSEQUENT EVENTS
Subsequent financing
KBM Worldwide
On October 6, 2014, the Company entered into a Securities Purchase Agreement with KBM Worldwide, Inc., for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on July 8, 2015,. The Note is convertible into common stock, at holder’s option, at a 45% discount to the lowest daily trading price of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal and accrued interest at 150%, and any other amounts.
Daniel James Management
On October 3, 2014, the Company entered into a Securities Purchase Agreement with Daniel James Management, Inc., for the sale of a 9.5% convertible note in the principal amount of $25,000 (the “Note”).
The Note bears interest at the rate of 9.5% per annum. All interest and principal must be repaid on October 2, 2015. The Note is convertible into common stock, at holder’s option, at a 47% discount to the lowest daily trading price of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal and accrued interest at 150%, and any other amounts.
Magna Equities, LLC
On October 7, 2014, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with Magna Equities II, LLC, a New York limited liability company (“Magna”). The Purchase Agreement provides that, upon the terms and subject to the conditions set forth therein, Magna shall purchase from the Company, a senior convertible note with an initial principal amount of $307,500 (the “Convertible Note”) for a purchase price of $205,000 (an approximately 33.33% original issue discount). Pursuant to the Purchase Agreement, the Company issued the Convertible Note to Magna. The Convertible Note matures on August 7, 2015 and, in addition to the approximately 33.33% original issue discount, accrues interest at the rate of 12% per annum.
The Convertible Note is convertible at any time, in whole or in part, at Magna’s option into shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), at a fixed conversion price of $0.01035 per share. $40,000 of the outstanding principal amount of the Convertible Note (together with any accrued and unpaid interest with respect to such portion of the principal amount) shall be automatically extinguished (without any cash payment by the Company) under certain conditions described in the Purchase Agreement. In connection with the execution of the Purchase Agreement, the Company and Magna also entered into a registration rights agreement (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, the Company has agreed to file an initial registration statement with the SEC to register the resale of the Common Stock into which the Convertible Note may be converted,"
So in addition to the Magna "note" at 12% with basically 1 cent shares being involved, for about $200K dollars, they also, in early Oct. took on qty-2 more toxic (floorless) convertible debt deals- one for a measly $38K with KBM Worldwide (whoever they are?) and the 2nd back to ole Danial James again, for a measly $25K. Why, with all this "revenue" blah, blah, blah and "deals" and all- are they tapping the worst of the worst financing a company can use, and for total of $38K + $25K = $63K dollars? Just to keep paying their salaries and bonuses and other common bills? Highly dilutive "notes" at horrible terms, for what's essentially a pittance of cash, yet they have mega steep share discounts on um (45% and 47%) and will result IMO in more huge amounts of cheap share dilution going to the selling block and crushing the share price down, more than likely.
Just look at the KBM and the Daniel notes and the share discounts- if they, these finance houses, if they can hold the price at around 1.5 cents as it is now, then convert at 45% and 47% discounts (almost 50% off) they could get shares at like 8/10ths of ONE CENT or .008 cents each. What would those do to the common share price, if they got several million shares in that prices range?
At .008 per share, it would take issuing 4,750,000 shares just to pay off a lousy $38K dollars on that note. $38,000/.008 = 4,750,000
That's what toxic, convertible debt deals do to the common shares.
What happened to Cassel and the ole "mezzanine deal" and blah, blah- all that jazz? They, BHRT, IMO, are just doing the same old, same old routine of tapping the convertible debt guys, for the worst of the worst kind of financing a company can scrape together- and at just horrible terms that will result in massive dilution and millions and millions of more dirt cheap shares hitting the sell block down the road, the way I see it.
Wow IMHO.
Wow, no bid support in here at all it seems? Volume just picked up quite a bit and it dropped below .016 into that .015x range.
Major technical weakness, despite all the PR and now the 10-Q being released?
It's way, way off the 50 DMA and the 200 DMA. Nothing seems to move it up at this point?
Also, another "odd" trade of 121 shares at .016 at 11:58 Eastern?
121 x .016 = $1.93 (I think that's not quite a medium cup of Joe at Starbucks?). Who would place an order for a $buck and 93 cents worth on an "up tick" (the green background on OTC level II, means it's an "up-tick" trade). Do they use that "up tick" so they can set up a short maybe?
I have no idea, but it sure looks odd as heck IMHO.
ONE single 5K share trade at 1 second after 9:30 AM Eastern so far. Then nothing? On the big day they release the 10-Q filing?
That seems a bit "odd" IMO?
5000 X .0166 = $83 bucks worth. One hour into trading day, $83 bucks worth after the 10-Q filing is released?
Oh well, stranger things have happened I guess with this one? Will have to wait and see?
Fascinating 10-Q line about the ole "SOUTH AFRICA" big "new facility" and "joint venture" and "first patients" being "treated" and all- remember those big "PR" releases?
http://www.marketwired.com/press-release/bioheart-announces-joint-venture-in-south-africa-otcbb-bhrt-1923668.htm
http://www.marketwatch.com/story/bioheart-announces-successful-grand-opening-of-facility-in-south-africa-2014-09-24
Remember- they had a "GRAND OPENING" and supposed "cryo preservation" services and "facilities upgrades" were made and what not? Seems like that's what I remember from all the PR. There was more PR than just those two links above.
So, how does this statement in the 10-Q make any sense? Makes no sense to me, in my humble opinion of course? I find it very, very "confusing" to say the least?
Just filed 10-Q, period ended Sept 30th, 2104, PAGE 23:
"We announced a joint venture in South Africa and the facilities called “South African Stem Cell Institute” were successfully opened in September, 2014 with the intention to retain a 49% ownership of the new entity. As of September 31, 2014, however, there was no formal legal entity established and no formal operating agreement for this joint venture. In additional the Company has not yet incurred any material expenses associated with this venture. Management has concluded that as of September 31, 2014 this announcement is not material to the Company’s financial statements."
Huh? What? The PR said it was a "done deal", there was no wording about some "intention" or whatever? How can that be? How could there be no "legal documents" signed or whatever when the PR said it's a "done deal" and that they were "treating patients" already and that "facility upgrades" were taking place, etc??
Does that match the PR? Really? That item is extremely "odd" to me. Beyond "odd" IMO??
Figures it would be a Friday release IMO, what I expected (at least it's before market open, and not the close). Time to give it a quick read- hit the highlights.
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."
So that's up from prior 10-Q page 1:
"As of August 1, 2014, there were 517,272,472 outstanding shares of the Registrant’s common stock, par value $0.001 per share."
So that's some still, pretty furious dilution taking place, about 90 days, 3 months-
558,942,523 - 517,272,472 = 41.6 MILLION shares more dilution for another qtr. Down just a bit I think, will have to check. I think it was closer to 50 million for prior qtr?
Lets see what fully diluted is? HOLY COW, big jump there- I think that's from all the underlying derivative "Stuff" they hand out, convertible debt "financing" and what not.
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 and 605,015,919 and 336,682,241 for the nine months ended September 30, 2014 and 2013, respectively"
Passed the 650 MILLION share mark and a more than doubling of shares yr over yr. Wow.
Lets see what the cash situation is, given all that share dilution?
PAGE 4: OUCH, nearly cash broke again.
Cash and cash equivalents: $46, 592
Wow, no wonder they're tapping into Magna. $46K bucks, total cash left in the account, end of qtr.
Looks like debt/current liabilities actually WENT UP from just last 10-Q filing? All this great "revenue" and stuff, and their liabilities are up and cash is down? Doesn't make much sense IMO, unless their expenses and spending are growing faster than money coming in, I guess?
PAGE 4: (this 10-Q, period ended Sept 30)
Total current liabilities: 10,336,315
PAGE 4: (Last 10-Q, period ended June 30, 2014)
Total current liabilities: 9,759,137
So their liabilities (with $46K cash left on hand) increased by:
10,336,315 - 9,759,137 = $577K. HALF A MILLION dollars increase in just 3 months, despite the "revenues"??? What's up with that? Their spending is outstripping any "revenue"??
Lets see what the "MEDICAL RESEARCH AND DEVELOPMENT" and "HEART TRIALS" company spent on R&D this qtr?
PAGE 5:
Research and development: 8,581
HOLY COW, they dropped R&D even more? (It was about $5K a month, prior 10-Q, so it appears they just don't do trials or run any R&D anymore IMO?) R&D total spending is not even $3K a month anymore?? And their twitter page and other places says something like they're the phase II/III LEADER in heart stem cell trials (something to that effect?) How is that possible? They spent less than $3K a month on R&D but claim to be a phase II/III "leader"? Doesn't make any sense IMHO?
Last quick check- the sales/general/marketing expenses (the big salary boosts, bonuses, etc)
PAGE 5:
Marketing, general and administrative: 1,512,706
Wow again, their costs have exploded. Wowy. $1.5 MILLION for the qtr for a company of 4 full time and one part timer? Holy smokes. It was growing rapidly already, but this qtr just blew it off the charts IMO. That line right there, if annualized would put just their basic spending at 4 X 1.5 = $6 MILLION per yr, far outstripping any revenue. Again, no wonder they're tapping Magna and quick IMO. That expense line is a mind blower IMO.
And lastly, the ole NET LOSS FROM OPERATIONS. Looks like it's INCREASED BOTH qtr over qtr again, and YEAR OVER YEAR. They're burning more money than they take in.
PAGE 5: (this 10-Q, period ended Sept 30)
Net loss from operations (1,466,732)
Lost $1.4 MILLION in just this qtr.
Net loss from operations same qtr 2013: (1,067,153)
So they just lost about $400K MORE this qtr, than the same qtr last yr, despite the "revenues"??
How bout net loss from operation for the 9 months total of this yr versus last year?
PAGE 5: (For the 9 months ended Sept 30, 2014, versus 2013)
Net loss from operations (2014): (2,545,703)
Net loss from operations (2013): (2,190,385)
So they are LOSING MORE MONEY through this 9 month period so far, despite "revenues".
And lastly, the GOING CONCERN (which show no signs of abating or vanishing IMO)
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."
Wow. A lot there, will have to read in detail later. But pretty clear IMO why they had to go to Magna.
Last couple quick things to check- lets see where that big bonus to the CEO and CSO went, the $800K
PAGE 18:
"On July 1, 2014, the Company issued an aggregate of $800,000 promissory notes to officers and employee in settlement of accrued compensation. The promissory notes bear interest of 5% per annum and due on January 1, 2015."
Pretty much figured that one- as is their typical "procedure", IMO, they gave um a "note" which of course is now earning INTEREST and is "owed" to them. No surprise there IMO. Pretty nice in this low interest rate environment to be earning 5% interest on what's basically like a "CD" owed to you, IMO. Not bad.
And, lastly, it's always good IMO, to give a quick check on how they've been issuing out common stock shares- they usually pour um out like water, IMHO.
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.
(Notice- it doesn't say to who, or for how much? What "consulting services"? What was the billed amount so one can figure out the price of the shares they received?)
In October 2014, the Company issued 538,875 shares of common stock in settlement of accounts payable."
So, per their usual, they're "paying the bills" and all kinds of "other STUFF" using common shares of stock. Not CASH, but just issuing out shares, almost 10 million or so of them, as usual.
I'll give it a more detailed read later. Looks pretty much par for the course for BHRT, IMO. All the usual "stuff" that I've seen in all their past filings pretty much. Nothing new here IMO.
100K shares just went off at .0166 at 14:05 Eastern, about 45 minutes ago.
Another odd-ball day pattern of trading today so far, IMO. Ran it up on an enormous spread and now appear to be selling right back into that strength.
Just like clock work IMO. Someone's playing this for the big boy(s) I think. Looking at the level II trades and the spread and time gaps between trades is fascinating to watch. They got it all the way up to .0189, then is sat for 1 hour, almost to the minute w/o a single trade posting. Then it posted a single trade, then sat again for almost 2 hours w/o a single trade, then a burst of a bunch of trades of 5K or 10K blocks or so.
Now, about 45 minutes ago they just tanked it back to .0166 on a single 100K block trade.
I don't think that's all "retail" trading IMO. What exactly is it? I have no idea? But sure doesn't look like normal, back and forth, "retail" trading and matching of just regular folk's buy and sell orders IMO.
Totally "working the spread" this AM, WOW!
It posted a trade of 450 shares at .0167. (.0167 X 450 = $7.50 Yep $7 dollars and change).
It then rapidly (less than 30 seconds later) turns and posts a trade at .018 (an enormous spread/jump) and then about 1 minute later posts another trade at .0189.
Holy cow, someone, some trading desk is "working" this thing and playing it like a fine, Stradivarius IMO.
No way a 450 share trade is some "retail" trade IMO. And then they boost it up supposedly 11% in a blink, after collapsing it like 14% the day before on similar micro trades.
YANK AND BANK all over the map. But still very low volume and in a strong, technical weakness and sustained down trend.
All the "big PR" and good news and what not and it's now back to a sub 2 cent stock and the market cap has been cut significantly. Seems like PR can no longer move it much IMO. It's now at the hands of enormous, continual amounts of low priced dilution shares and continual, years of non-stop use of convertible debt shares the way I see it.
"And it's strange to me how the majority of the time there is 10,000 on the bid and 10,000 on the ask day in and day out. "
What I find even more interesting than that, is go to the OTC site level II which shows all the actual closed/posted trades with 15 minute delay.
You'll see like typical 10,000 shares maybe 8K, 30K, maybe a 90K block will pop in, then suddenly it'll be dropped on like a 100 share trade posting. Sometimes some odd-ball tiny number even like 368 shares or 139 shares or something posted, usually on the lower bid. Today there's one showing for 4999 shares. Not 5000, but someone bought or sold 4999 shares? Really? One more share would cost 1.8 cents to make it an even 5K but they didn't have the money in the account or something?
Go look now at today. Normal size trades like 10K, 5K (which would be about 10K X .018 = $180 bucks worth, still a tiny trade, but seems reasonable probably for a retail OTC buy/sell amount, it's within realistic range)- but then, suddenly, all in a row:
400 shares, then 100, then 400, then 400, then 800?? Makes no sense IMO. I mean 100 shares at .018 = $1.80 cents worth? Who would do a trade for a $buck and 80 cents and why?
Watch the end of day each day, that's when it really gets odd too IMO. Might end up after 30 or 45 minutes w/o a single trade going into the end of day, then end with a single, tiny trade either to push it up or push it down on a large spread. Same on open. And then the flat-lining, the 30 to 45 minutes to sometimes 1 hour or more gaps where not a single trade gets posted- meaning to me, they're really not "trying hard" to match buyers and sellers on a decent spread and get orders to fill sometimes perhaps, which would make volume much lower maybe??
http://www.otcbb.com/asp/Info_Center.asp
Put BHRT in the quote box. Then use the "Depth/LII" pull down tab- all the trades that posted are there, 15 minutes delayed.
That OTC quote box shows a red background on certain trades, then green on certain trades and then white on some. I'm trying to find out what that means? Going to search or email their help tab. Does red background mean short or below bid (or on a down-tick?) and green means at the ask or "up-tick" and then what would the white background mean? I haven't figured it out yet?