"Just an FYI ... BHRT is about to Run again. "
It's "run" straight down to about 1.5 cents. That's been quite a run from .08 and .06, only down now about a 70% to 80% loss in 6 months or so. Impressive "run" IMO.
Gonna be 40 MILLION shares of dilution hitting soon from just the $300K/$200K Magna note (1 cents shares, 30 million to get $300K) and then the minimum 9 MILLION shares that Magna is getting as "fees" up front, for this credit line, those are at about 1.6 cents according to the 8-K, possibly lower based on a conversion formula in the document, the way I read it.
These are both PURE DILUTION deals. Whatever happened to the "Big finance deal" that was gonna be "non-dilutive" and all? Never seems to appear? The fully diluted share count on this next 10-Q and then the end of yr 10-K are gonna be whoppers IMHO. First number I'll be looking for on page one and then for the "fully diluted" share count further down in the filings.
This Magna "Deal", is just another toxic-debt convertible note with horrible terms and a new "draw-down" credit line, also with discounts and other provisions built in. NOTHING NEW IMO- they had the "Greystone" $1 MILLION line that ended about 6 or 7 months ago, whatever it was, and they drew down on that and no "trials were restarted" or whatever? During the entire time they used up all the Greystone line, they also did numerous, continuous ASHER and similar toxic, convertible debt deals- and the Greystone line at $1 million resulted in 10's and 10's of millions of shares of dilution as did all the convertible note deals, over 200 million shares in just a 1 yr period. These Magna deals will dilute far more than that IMO.
$3 million over 2 yrs doesn't even cover their current expense short falls if one reads the 10-Q and similar (especially given the bonuses and salary boosts they just gave out, $800K in just bonuses to two people, that's half of one year of this "credit line" right there, money/cash they do not/did not have when the bonuses were handed out. It even says in the 10-Q they'll take promissory notes for um, aka to be paid later, like when cash arrives from "financing" IMO).
Here's the Greystone line, from the last 10-K, just like this "credit line" - and they drew down the entire $2 million I believe and no phase II/III trials got funded and the stock is at 1.5 cents today.
Last 10-K filing, PAGE F-20 Greystone "credit line" (pretty much same thing as this Magna line)
"NOTE 6 – STANDBY EQUITY DISTRIBUTION AGREEMENT
On November 2, 2011, the Company and Greystone Capital Partners (“Greystone”) entered into a Standby Equity Distribution Agreement (the “Agreement”). Pursuant to the Agreement, Greystone has agreed to provide the Company with up to $1,000,000 of funding for the 24-month period following the date February 10, 2012, the registration statement of the Company’s common stock was declared effective by the SEC (the “Equity Line”).
During this 24-month period, commencing on the date on which the SEC first declared the registration statement effective, the Company may request a draw down under the Equity Line by which the Company would sell shares of its common stock to Greystone, which is obligated to purchase the shares under the Agreement.
For each share of the Company common stock purchased under the Agreement, Greystone will pay eighty percent (80%) of the average of the lowest daily volume weighted average price for five consecutive trading days immediately preceding Advance Notice (the "Valuation Period") commencing the date an Advance Notice (the "Advance Notice") is delivered to Greystone in a manner provided by the Agreement. Subject to certain limitations and floor price reductions, the Company may, at its sole discretion, issue a Put Notice to Greystone and Greystone will then be irrevocably bound to acquire such shares. The registration statement of the Company's common stock pursuant to the Agreement was declared effective on February 10, 2012 and a Post-Effective Amendment was declared effective on May 7, 2013. On December 1, 2012, the parties to the Equity Line agreed that the Purchase Price be adjusted to seventy-five percent (75%) 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 Equity Line) immediately subsequent to the date of the relevant Advance Notice.
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. During the year ended December 31, 2012, the Company “put” 8,797,859 shares of common stock for a total of $150,000."
AI
