"I agree, they have revenue"??
So WHERE did it go? Why do they finish the qtr, in standard form, with almost NO CASH? They had about $90K total cash left on the books end of qtr (see latest 10-Q filing, PAGE 4 "cash and cash equivalents"
$91,221
So they "have revenue", but they have NO CASH and have to insert a line in the 10-Q, PAGE 27 that reads:
"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."
But meanwhile, they hand out raises AND BONUSES to just two people in the company, that total more than all the revenue brought in so far in all of 2014? They can't advance the key trial(s) for so called "lack of funding", but they can hand out the goodies to TWO people in the company? Nice, IMO. AND they don't even have the cash on-hand to pay the bonuses, so they "may" get a "promissory note" and probably get paid out of any future "revenues" or probably just a big ole chunk of discounted shares like they usually hand out, IMO.
See 10-Q, page 25:
"NOTE 13 — SUBSEQUENT EVENTS
Officer compensation
On July 28, 2014, the Company’s Board of Directors approved the 2014/2015 salary for Mike Tomas, Chief Executive Officer, at $525,000 per year, beginning July 1, 2014 with an incentive bonus ranging from $150,000 to $500,000. In addition, the Board of Directors will grant Mr. Tomas options to be determined on or before June 30, 2015. The Company’s Board of Directors approved a bonus of $500,000 and options to acquire 10,000,000 shares of the Company’s common stock for ten years with four year vesting and a cashless exercise provision at an exercise price equal to the five day average closing price of the Company’s common stock as of August 1, 2014. The cash bonus may be paid in the form a six month promissory note.
On July 28, 2014, the Company’s Board of Directors approved the 2014/2015 salary for Kristin Comella, Chief Scientific Officer, at $250,000 per year, beginning July 1, 2014 with an incentive bonus ranging from $100,000 to $300,000. In addition, the Board of Directors will grant Ms. Comella options to be determined on or before June 30, 2015. The Company’s Board of Directors approved a bonus of $300,000 and options to acquire 5,000,000 shares of the Company’s common stock for ten years with four year vesting and a cashless exercise provision at an exercise price equal to the five day average closing price of the Company’s common stock as of August 1, 2014. The cash bonus may be paid in the form a six month promissory note."
Taking care of "the two" while the common shares are diluted another 50 MILLION shares in one qtr and the common stock is languishing in the sub 3 penny range. "revenues" made no difference IMO. Didn't budge any key, phase II/III trial(s) one iota.
AI
