Tuesday, July 29, 2014 1:05:05 PM
The company only has 14 employees, yet their personnel costs for 2014 were $10,593,234. That equates to an average of $756,659 for each and every employee. As a side note, one must understand that personnel costs Increased a full 610% from 2013's figure of $1,490,752. Anyone else seeing an end game by management to totally drain the company with the issuance of enormous amounts of new stock to fund the obscene levels of compensation?
Speaking of dilutive shares, how about this. The common share count jumped to 10,717,097 from 3,017,124 just the year prior. That is an increase of 255% from 2013.
In the first quarter of 2013 this stock was sitting at $45.00 a share. Today it is lingering at $3.83. That, folks is a LOSS of 91.49% in PPS. All in less that two years. These figures are even more disturbing if you go back further but at this point that would just be redundant.
Here are some of the more telling Direct Quotes from the Annual Report.
We are likely to attempt to raise additional capital through issuances of debt or equity securities, which may cause our stock price to decline, dilute the ownership interests of our existing stockholders, and/or limit our financial flexibility.
We may need additional funding and if we are unable to raise capital when needed, we would be forced to delay, reduce or eliminate our product development programs.
Orion may have the right to terminate our license for the levosimendan product, and, if the license is terminated, our business would be materially harmed.
We currently have no approved drug products for sale and we cannot guarantee that we will ever have marketable drug products.
The market may not accept our products.
It is difficult and costly to protect our proprietary rights, and we may not be able to ensure their protection.
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