US Stem Cell Inc (USRM)

[Dragon Lady]

Fascinating 10-Q line about the ole "SOUTH AFRICA" big "new facility" and "joint venture" and "first patients" being "treated" and all- remember those big "PR" releases?

http://www.marketwired.com/press-release/bioheart-announces-joint-venture-in-south-africa-otcbb-bhrt-1923668.htm

http://www.marketwatch.com/story/bioheart-announces-successful-grand-opening-of-facility-in-south-africa-2014-09-24

Remember- they had a "GRAND OPENING" and supposed "cryo preservation" services and "facilities upgrades" were made and what not? Seems like that's what I remember from all the PR. There was more PR than just those two links above.

So, how does this statement in the 10-Q make any sense? Makes no sense to me, in my humble opinion of course? I find it very, very "confusing" to say the least?

Just filed 10-Q, period ended Sept 30th, 2104, PAGE 23:
"We announced a joint venture in South Africa and the facilities called “South African Stem Cell Institute” were successfully opened in September, 2014 with the intention to retain a 49% ownership of the new entity. As of September 31, 2014, however, there was no formal legal entity established and no formal operating agreement for this joint venture. In additional the Company has not yet incurred any material expenses associated with this venture. Management has concluded that as of September 31, 2014 this announcement is not material to the Company’s financial statements."

Huh? What? The PR said it was a "done deal", there was no wording about some "intention" or whatever? How can that be? How could there be no "legal documents" signed or whatever when the PR said it's a "done deal" and that they were "treating patients" already and that "facility upgrades" were taking place, etc??

Does that match the PR? Really? That item is extremely "odd" to me. Beyond "odd" IMO??