Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Carlos Rangel, Progressive Care's former Head of Digital Transformation gave this title to his successor Bassam Alsyed in June, 2023. Now he is a full time Director of Marketing Operations at both NextPlat and Progressive Care starting in June, 2023. His Linkedin shows he is on-site for both companies full time with the same title starting at the same time. LOL.
Bassam Alsyed has been with the company for 2 years. His previous title was Sr. Data Architect and AI Analyst at Progressive. His current job responsibilities as Head of Digital Transformation are:
• Creating a comprehensive digital transformation strategy to achieve the organization's goals by leveraging data/systems/tools to gain valuable insights into customer behavior, business operations, and performance
• Managing various digital projects, initiatives, such as implementing new technologies, optimizing processes, and improving customer experiences by Identifying emerging technologies that can drive innovation and efficiency
• Lead the digital transformation team to help the business solve problems. We do so by working with the business to analyze the real problem or underlying request and put together a plan to solve it by implementing new digital processes, integrating with partners/vendors, extracting data and generating complex reports, or even building custom multi-tier applications that are completely automated and data-driven.
“In this regard, the Company will be re-branded as NextPlat Corp., which reflects the intent to add new business lines through acquisitions, joint venturing or other partnering opportunities.”
I didn’t notice this one when I read this story last time: “Mr. Fernandez also served on the U.S. Advisory Committee for Alibaba Group”
Do u have a day job? Asking for a parent.
New management normally puts "their own people" on the board. Charles already got rid of Birute Norkute, Oleg Firer from the board and added Pedro Rodriguez in October 2022. Joseph Ziegler was added to the board in December 2021, and Jervis Bennet Hough was added to the board way back in 2017 together with Oleg by the old management. Now it seems about time to replace them both with the two new directors that Charles personally selected. Keep in mind OTC companies only need 2 independent directors. Nasdaq requires at least 3.
I said July 20th is the previous Alibaba agreement expiration day. Is anything incorrect about this date?
Great news for independent pharmacies in Florida. Florida’s Prescription Drug Reform Act goes into effect on July 1, 2023. PharmcoRx paid $670,766 PBM fees in Q1 of 2023 and has been paying around $2M PBM fees in the past few years. This new reform act will curtail the abusive PBM practices and will benefit the independent pharmacies greatly.
https://www.akerman.com/en/perspectives/floridas-prescription-drug-reform-act-pbm-legislation-whats-in-it-for-florida-pharmacies.html
Numerous changes benefitting pharmacies were made to participating pharmacy agreements on a going-forward basis. Many of these provisions are aimed at correcting perceived abuses by the PBM industry, presumably resulting from their long-term unequal bargaining power with the pharmacies.
Contracts between a PBM and a participating pharmacy executed, amended, adjusted, or renewed on or after July 1, 2023, for pharmacist services on or after January 1, 2024, will need to comply with new requirements, in addition to other requirements in the Florida Insurance Code. These new requirements under Section 626.8825(3) include:
The PBM must provide the pharmacy with a remittance at either the time of adjudication of electronic claims or the time of reimbursement for non-electronic claims. That remittance must include information necessary for the pharmacy or pharmacist to identify the reimbursement schedule for the specific network applicable to the claim that is the basis the PBM used to calculate reimbursement. This information must include, but is not limited to, the applicable network reimbursement ID or plan ID as defined in the most current version of the National Council for Prescription Drug Programs (NCPDP) Telecommunication Standard Implementation Guide or its nationally recognized successor industry guide (Section 626.8825(3)(a)).
The PBM must ensure that any basis of reimbursement information is communicated to a pharmacy in accordance with the NCPDP Telecommunication Standard Implementation Guide (or its successor industry guide) when performing reconciliation for any effective rate guarantee (likely required by HIPAA regardless). The basis of reimbursement information must be accurate and correspond with this applicable network rate, and it may be relied upon by the pharmacy (Section 626.8825(3)(b)).
Aimed at curtailing PBM “clawbacks” and “DIR fees,” a PBM may not charge, withhold, or recoup direct or indirect remuneration fees, dispensing fees, brand name or generic effective rate adjustments through reconciliation, or any other monetary charge, withholding, or recoupments as related to discounts, multiple network reconciliation offsets, adjudication transaction fees, and any other instance when a fee may be recouped from a pharmacy. Prohibiting PBMs from extracting uncontracted funds from the pharmacies is a significant change. However, there are exceptions. This prohibition does not apply to incentive payments provided by the PBM to a network pharmacy for meeting or exceeding predefined quality measures, such as Healthcare Effectiveness Data and Information Set (HEDIS) measures; recoupment due to an erroneous claim, fraud, waste, or abuse; a claim adjudicated in error; a maximum allowable cost appeal pricing adjustment; or an adjustment made as part of a pharmacy audit pursuant to Section 624.491. The prohibition also does not apply to any recoupment that is returned to the state for Medicaid programs or the state group insurance program in Section 110.123 (Section 626.8825(3)(c)).
A PBM cannot unilaterally change the terms of any participation contract- another requirement addressing the historically unequal bargaining power between PBMs and pharmacies (Section 626.8825(3)(d)).
A PBM cannot prohibit a pharmacy or pharmacist from (1) offering mail or delivery services on an opt-in basis at the sole discretion of the covered person, (2) mailing or delivering a prescription drug to a covered person upon his or her request, or (3) charging a shipping or handling fee to a covered person requesting a prescription drug be mailed or delivered if the pharmacy or pharmacist discloses to the covered person before the mailing or delivery the amount of the fee that will be charged and that the fee may not be reimbursable by the covered person’s pharmacy benefits plan or program (Section 626.8825(3)(e)).
Upon request, the PBM must provide a pharmacy a list of pharmacy benefits plans or programs in which the pharmacy is a network provider. Updates to the list must be communicated to the pharmacy within seven days, and the PBM may not restrict the pharmacy or pharmacist from disclosing this information to the public (Section 626.8825(3)(f)).
The PBM must ensure that the Electronic Remittance Advice contains claim-level payment adjustments in accordance with the American National Standards Institute Accredited Standards Committee, X12 format, and includes or is accompanied by the appropriate level of detail for the pharmacy to reconcile any debits or credits, including, but not limited to, pharmacy NCPDP or NPI identifier, date of service, prescription number, refill number, adjustment code (if applicable), and transaction amount (Section 626.8825(3)(g)).
The PBM is required to provide a reasonable administrative appeal procedure to allow a pharmacy or pharmacist to challenge the maximum allowable cost (MAC) pricing information and the reimbursement made under the MAC as defined in Section 627.64741 for a specific drug as being below the acquisition cost available to the challenging pharmacy or pharmacist (Section 626.8825(3)(h)).
Wow, you actually spoke to a billionaire. How does it feel? LOL
It’s happening. Research report coming up. lol
“Today the PharmcoRx Pharmacy team visited Orlando to meet some of our contracted #340B entities. Thanks to Hope & Help for the tour of your amazing facilities. Looking forward to keep growing our partnership.” - July 20
Pharmco’s 340B revenue will keep growing at an accelerated rate. The Q2 numbers will be great.
Cecile Munnik's Employment Agreement Changes:
There are two major changes between Cecile's EA Amendment issued on 11/14/2022 and 11/22/2021.
1. Paragraph (c, 2021) is deleted in its entirety and replaced with (c, 2022):
(c, 2021) The Employee shall receive a bonus (“Bonus”) in the amount of Thirty Thousand Dollars ($30,000) upon the effectiveness of the Company’s Form S-1 Registration Statement with the Securities and Exchange Commission (“SEC”). The Bonus may be paid up to 50% in the form of the Company’s common stock if so elected by the Company. The Employee may elect to have up to 100% paid in the form of the Company’s common stock.
(c, 2022) The Employee shall receive a bonus (“Bonus”) in the amount of Thirty Thousand Dollars ($30,000) immediately. The Employee may elect to have up to 100% paid in the form of the Company’s common stock.
2. Paragraph (d, 2021) is deleted in its entirety and replaced with (d, 2022):
(d, 2021) Employee shall receive options to purchase up to five million (5,000,000) shares (the “Options”) upon a Qualified Offering (as defined below) under and subject to all of the provisions of the Stock Option Award Agreement (the “Option Agreement”) attached as Exhibit A. As used herein, “Qualified Offering” means the closing of an underwritten offering by the Company pursuant to which (1) the Company receives aggregate gross proceeds of at least $10 million in consideration of the purchase of securities (the “Offering Securities”) or (2) the Company receives proceeds in consideration of the Offering Securities and the Common Stock becomes listed on The Nasdaq Capital Market, the New York Stock Exchange, or the NYSE MKT (the earlier to occur of (1) or (2) above, the “Qualified Offering”).
The Options will vest over a period of three (3) years with one million six hundred sixty-six thousand six hundred sixty six (1,666,666) shares vesting each year beginning on December 31, 2021. Except as otherwise set forth herein or in the Option Agreement, up to twenty-five percent (25%) of the Options will vest upon the occurrence of a Change in Control, and the vesting period will reduce from three (3) years to two (2) years if the Options are assumed in connection with a Change in Control. As used herein, “Change of Control” means (i) a bona fide transfer or series of related transfers of shares to any person or group in which, or as a result of which, such person or Group obtains the direct or indirect right to elect a majority of the board of directors of the Corporation; or (ii) a sale of all or substantially all of the assets of the Corporation. As used herein, “Group” means any group or syndicate that would be considered a “person” for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended.
In addition, upon a termination of employment without cause by the Corporation or for Good Reason (as defined below) by the Employee, fifty percent (50%) of the Options will accelerate and vest at the date of termination. But if either such termination occurs within twelve (12) months of a Change in Control, then the Options will accelerate and vest in full immediately upon a Change in Control. Upon a termination of employment due to death or disability, the next quarterly vesting tranche of the Options will accelerate and vest.
(d, 2022) Employee shall receive options to purchase (5,000,000) shares (the “Options”) under the Stock Option Award Agreement (the “Option Agreement”) attached as Exhibit A. The Options shall be vested immediately.
2021 EA Amendment
https://www.sec.gov/Archives/edgar/data/1402945/000149315222003578/ex10-11.htm
2022 EA Amendment
https://www.sec.gov/Archives/edgar/data/1402945/000149315222031905/ex10-24.htm
What do these two changes tell us:
1. S-1 registration was cancelled not because Progressive failed, instead, it's because they did not need it any more due to their transaction with NextPlat, which made Cecile still eligible for the $30K bonus.
2. The $10M proceeds from a successful listing on Nasdaq is equivalent to the $10M future investment from NextPlat, which earned Cecile's right to 5,000,000 shares of option (equivalent to 25,000 shares post RS) and will be vested immediately.
What does this tell you?
Personalization Tactics Healthcare eCommerce Companies Can Implement
July 17, 2023
https://www.biomedwire.com/personalization-tactics-healthcare-ecommerce-companies-can-implement/
The combination of healthcare and eCommerce may be a game changer for America’s struggling healthcare sector. eCommerce has essentially taken over most aspects of trade, with major eCommerce companies such as Amazon, Alibaba and Walmart ranking among the largest companies in the world.
Healthcare and eCommerce started to come together when the coronavirus pandemic forced multitudes of people to rely on the internet to interact with their physicians and access treatment. Several years later, healthcare eCommerce is picking up more steam amid buyouts of digital healthcare businesses by companies such as Amazon that are looking to expand to the healthcare space.
Online healthcare may still be a new field, but companies in the space should invest in personalization strategies to differentiate themselves from the rest of the pack as soon as possible. Strategies that improve customer experience by tailoring the shopping experience to their wants and needs will be the most effective at retaining customers and increasing revenue.
Investing in dynamic content can be one way of catching customers’ eyes and keeping them on your website. This could involve including elements such as call-to-actions, information bars and product recommendations that are customized to users specific needs by leveraging data on location, purchase history, preferences and behavioral patterns. Taking advantage of machine learning tools to examine data from customers would allow healthcare eCommerce companies to recommend products that are suited to their customers’ needs and increase sales.
Omnichannel shopping capabilities will also be key to retaining customers in the increasingly competitive sector of online healthcare. Since the average consumer has several means of accessing the internet, healthcare eCommerce companies should ensure they are accessible to customers via several channels. This allows customers to visit healthcare websites using their preferred channels as well as pause and pick up their shopping activities whenever they want through their preferred communication channel.
Customer data is among the hottest commodities on the planet right now thanks to the proliferation of eCommerce. Customers provide crucial data that could be used to tailor both your products and your platforms to drive higher customer engagement and sales. Analyzing this data will allow retailers to break down their customers into segments and tailor marketing campaigns for each segment.
Finally, personalization will be key in every step of the value chain. The healthcare sector significantly relies on the relationships between physicians and patients to be as effective as possible. Personalizing communications with your customers will improve brand perception, improve customer loyalty and retention, and increase revenue and overall profitability.
With entities such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) entering the healthcare ecommerce space, various strategies, including personalization, are likely to be implemented in order to better serve the people who look to these platforms for their healthcare needs.
Personalization Tactics Healthcare eCommerce Companies Can Implement
July 17, 2023
https://www.biomedwire.com/personalization-tactics-healthcare-ecommerce-companies-can-implement/
The combination of healthcare and eCommerce may be a game changer for America’s struggling healthcare sector. eCommerce has essentially taken over most aspects of trade, with major eCommerce companies such as Amazon, Alibaba and Walmart ranking among the largest companies in the world.
Healthcare and eCommerce started to come together when the coronavirus pandemic forced multitudes of people to rely on the internet to interact with their physicians and access treatment. Several years later, healthcare eCommerce is picking up more steam amid buyouts of digital healthcare businesses by companies such as Amazon that are looking to expand to the healthcare space.
Online healthcare may still be a new field, but companies in the space should invest in personalization strategies to differentiate themselves from the rest of the pack as soon as possible. Strategies that improve customer experience by tailoring the shopping experience to their wants and needs will be the most effective at retaining customers and increasing revenue.
Investing in dynamic content can be one way of catching customers’ eyes and keeping them on your website. This could involve including elements such as call-to-actions, information bars and product recommendations that are customized to users specific needs by leveraging data on location, purchase history, preferences and behavioral patterns. Taking advantage of machine learning tools to examine data from customers would allow healthcare eCommerce companies to recommend products that are suited to their customers’ needs and increase sales.
Omnichannel shopping capabilities will also be key to retaining customers in the increasingly competitive sector of online healthcare. Since the average consumer has several means of accessing the internet, healthcare eCommerce companies should ensure they are accessible to customers via several channels. This allows customers to visit healthcare websites using their preferred channels as well as pause and pick up their shopping activities whenever they want through their preferred communication channel.
Customer data is among the hottest commodities on the planet right now thanks to the proliferation of eCommerce. Customers provide crucial data that could be used to tailor both your products and your platforms to drive higher customer engagement and sales. Analyzing this data will allow retailers to break down their customers into segments and tailor marketing campaigns for each segment.
Finally, personalization will be key in every step of the value chain. The healthcare sector significantly relies on the relationships between physicians and patients to be as effective as possible. Personalizing communications with your customers will improve brand perception, improve customer loyalty and retention, and increase revenue and overall profitability.
With entities such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) entering the healthcare ecommerce space, various strategies, including personalization, are likely to be implemented in order to better serve the people who look to these platforms for their healthcare needs.
You are already very active rn, u mean u wanna get high?
It's all about how they want to juggle all these events (business combination, spinoff, many new partnerships, new potential M/A etc.) to maximize the stability of the transitions and to excite the market to their best advantage at the same time.
They will renew the agreement with Alibaba for sure. But Charles already said they will start releasing news after that.
At the cusp of major announcements.
You don’t need news. Why do u care
Did you know:
Momina Karapetyan, the company's previous Pharmacist In Charge, Armen Karapetyan's cousin, left the company in the third quarter of 2021.
Progressive Care also terminated the consulting agreement with Armen Karapetyan's Spark Financial Consulting in the third quarter of 2021.
Page 45, 10K
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001402945/000149315223009839/form10-k.htm#ka_005;
These events happened about 1 year before NextPlat started investing in Progressive.
Here's Progressive Care's version of Cecile's Employment Agreement Amendment regarding her role as the full time CFO of NextPlat:
"The employee will become a fulltime employee of NextPlat effective July 1, 2023."
https://www.sec.gov/Archives/edgar/data/1402945/000149315222031905/ex10-24.htm
Item 7 in the Alibaba agreement (90 days) signed on 4/20/2023:
“No Party shall, without the prior written consent of the disclosing Party, make any public announcement or issue any press release disclosing Confidential Information, provided that any Party may make any disclosure required, in the opinion of its legal counsel, by applicable laws or regulations.”
https://contracts.justia.com/companies/orbital-tracking-corp-1828/contract/1108298/
They have done this four times since 2022. Just a procedural registration of the shares that insiders purchased from the company.
Tesla had 2.1B AS when it only had 0.1B OS. Then the story is all history, they used up all 2.1B AS and had to raise it after its OS breached 3B last year. Do you need more examples like this?
Sure, just like any other public company.
Out of the 2.8 million increase of OS as compared to what was reported in the 10K as of 3/28/2023, 1.3 million shares were from the conversion of the total $2.9M convertible debt NextPlat obtained from Illiad. The other 1.5 million shares were purchaesd by NextPlat, Charles, Rodney, Dawson James etc.
That’s how NextPlat takes over 50% control of Progressive. LMAO
Do you think how long they will keep paying for this parenting fee?
On Cecile’s conference attendee badge, her title is NextPlat CFO. She is representing PharmcoRx at the conference. Go figure.
Five Challenges Healthcare eCommerce May Face
Healthcare companies around the globe are adopting technology at an accelerated pace and are predicted to spend trillions on the adoption of medical technology by 2040. However, the fledgling healthcare e-commerce segment will have to overcome several challenges to get off the ground.
..............
Companies such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) that are engaged in ecommerce development can help in addressing those potential challenges so that healthcare consumers adapt to healthcare ecommerce at a faster pace.
https://www.biomedwire.com/five-challenges-healthcare-ecommerce-may-face/
Bottom left corner of each slide.
In the presentation.
The conference link is also on the company's 340B page:
https://www.pharmcorx.com/340b
Free Link tonight! I'm not charging you anything.
The first ever presentation done by PharmcoRx and NextPlat together with both company's logos on each slide.
PharmcoRx Complete 340B solutions presentation:
https://www.canva.com/design/DAFm8tQfXeg/o_Qj_fzg-QOAA8FHadbyJg/view?utm_content=DAFm8tQfXeg&utm_campaign=designshare&utm_medium=link&utm_source=publishsharelink#3
Watch our Full 340B video:
I’m too tired posting all kinds of different links, for free. lol
Sorry I replied you then.
Just take my word for it.
Cecile Munnik no longer holds the CFO title at Progressive Care, but she still went to the 340B Coalition Summber Conference with the new COO Pamela Roberts today (July 11, 2023). As the CFO of NextPlat, what is she doing at the conference? LOL
I don’t worry about news at all. TBH, I don’t understand why do we need to worry? Just keep loading.