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Tuesday, July 08, 2014 7:40:37 PM
There is no "missing pile of money" hidden somewhere or "funding tucked away", IMO, that's there to supposedly "fund this trial" as in MIRROR, which is now over 1 yr old since the original PR, stating "ONE PATIENT ENROLLED" and then never heard from again, as in the word "MIRROR" not even appearing once, in the last (latest) 10-Q filing.
Read the 10-K and 10-Q; they are nearly out of cash at any given time and heavily debt laden, as in even short term debts that must be paid or go into default or similar. They "finance" on a continual basis using things like ASHER, share dumping, steeply discounted warrant deals, paying bills in common stock shares, and similar (see most recent 10-Q page 23/24: there were 10's millions of shares "paid out" for all kinds of "stuff" and to all various "people" for such things as "services rendered"). They're so low on cash at any given time, they do "ASHER" or similar firm type deals (meaning ASHER themselves or a firm similar to them- a convertible debt deal with STEEP discounts on the shares), they do those continually, as they have little to no cash at any given time.
So, there is no "mystery" pile of "funding" money tucked away, IMO.
Then entire purpose of the 10-K or 10-Q is to state their financial condition and show cash on hand, debts owed (current and long term), etc.
Most recent 10-Q for example (period ending Q-1, 2014):
Page 4: Cash and cash equivalents was $218,984.
That's not even a month's or so worth of cash on hand, given their present "burn-rate" and cash use rate if one figures it out. Meaning if they didn't have more cash coming in via "financing" like ASHER or similar, they are lights out essentially.
Page 4, Same 10-Q, they have Accounts Payable (SHORT TERM DEBTS/PAYMENTS TO BE MADE) of $2,513,125.
Remember, that's against having about $200K cash on hand. That's essentially BROKE by any normal measure. $2 MILLION short term accounts payable, against $200K cash. What are they going to "fund" some "trial" with?
Page 4, Same 10-Q, ACCRUED EXPENSES, those are more "costs/expenses" that they've been racking up, delaying that are owed to "someone" or some debt holder. An accrued expense could be something like unpaid loan interest on a debt that is accumulating, something like that. It's typically considered a "current" debt.
They had accrued expense entry of $2,368,377
So add ANOTHER $2 MILLION or so into their "current" obligations. That's now $4 MILLION due (short term, "current" debt) against about $200K cash on hand. Not looking too good.
How low were they on cash? Well, look at their recent "financing" they reported on that same 10-Q, the most recent one.
PAGE 14: (they did ASHER deals as recent as Jan, Feb and March 2014 to bring in small amounts of cash, and at horrible terms, as in real steep share discounts. Why? Cause they need cash "trickling" in for survival, else, why would one do such lousy and desperate financing terms?)
PAGE 14:
Asher Notes (During this year)
During the three months ended March 31, 2014, the Company entered into a Securities Purchase Agreements with Asher Enterprises, Inc. (“Asher”) or affiliates, for the sale of 8% convertible notes in aggregate principal amount of $97,500 (the “Asher Notes”).
The Asher Notes bear interest at the rate of 8% per annum. As of the quarter ended March 31, 2014 all interest and principal must be repaid nine months from the issuance date, the last note due December 26, 2014. The Notes are convertible into common stock, at Asher’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. The Company has identified the embedded derivatives related to the Asher Notes....
Daniel James Management
On February 19, 2014, the Company entered into a Securities Purchase Agreements with Daniel James Management (“Daniel”) for the sale of 8% convertible note in principal amount of $35,000 (the “Daniel Note”).
The Daniel Note bear interest at the rate of 8% per annum with all interest and principal due February 28, 2015. The Daniel Note is convertible into common stock, at holder’s option, at a 47% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. The Company has identified the embedded derivatives related to the Daniel Note. These embedded derivatives included certain conversion features and reset provision...."
So, as recently as Feb 19, 2014, they did "financing" for a measly $35K with horrible terms and also just prior to that, an ASHER deal for $97K. So they did $135K in "financing", that's how bad they need cash to stay afloat. There's no "hidden" or "mystery" pile of "funding" tucked or hidden away, not according to their own 10-Q and 10-K.
On the 10-K, period ended yr 2013, they finished the yr with $46K, yep, $46 THOUSAND dollars left on hand (about the price of a mid level luxury car).
10-K, Page F-3:
Cash and Cash Equivalents: $46,227
And all the form 14 means, IMO, is they are upping the available shares to 2 BILLION from the present 970 MILLION or whatever the number is. It's not some hidden "code" for some immanent "financing" deal. The shares can be used for anything the BOD wants, as long as it's for legit "corporate business" (paraphrasing) as they, and only they see fit, with no shareholder input needed. It's all in black n white in the form 14 filing. This is the second form 14 filing in only a little over a yr (Jan 2013 for last one, that took the shares from like 200 MILLION to the 970 MILLION) and it never amounted to any "big financing deal" or whatever is being claimed. Just more dilution, that's all that occurred as far as I can see. Dilution and lots of it, on-going, non stop.
The period Q-2 is over already as of end of June. What will the new outstanding share count be? It was over 460 MILLION (500 million fully diluted) last 10-Q and I'd guess it's gonna be a lot more than that on this next, coming 10-Q, if past history is any indication or track record, IMO.
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