"Got initial non convertible funding."???
When? Where? They got a deal with Magna which is a cash-line, exactly like the Greystone line they had previously (for $1 million versus $3 million over 24 months with Magna) that expired early 2014. Identical essentially- nothing much different whatsoever.
Most recent 10-K end of yr report, PAGE 63 (nearly identical to the Magna credit line, it's not their "first" non convertible funding?)
"On November 2, 2011, we entered into a Standby Equity Distribution Agreement, or the SEDA, with Greystone Capital Partners, or GCP. Pursuant to the SEDA’s terms, we may, at our sole discretion and upon giving written notice to GCP, each an “Advance Notice”, periodically sell shares of our common stock to GCP. For each share of Common Stock purchased under the SEDA, GCP will pay us an amount, referred to as the “Purchase Price”, that is eighty percent (80%) 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 SEDA) immediately subsequent to the date of the relevant Advance Notice. We are not obligated to sell any shares of common stock to GCP but may, over the term of the SEDA and in our sole discretion, sell to GCP that number of shares of common stock valued at the Purchase Price from time to time in effect that equals up to one million dollars ($1,000,000) in the aggregate. GCP's obligation to purchase shares of Common Stock under the SEDA is subject to certain conditions, including (i) periodic sales of shares of our common stock to GCP must be separated by a time period equal to five Trading Days, and (ii) the amount of any individual periodic sale designated by us in any Advance Notice shall not exceed fifty percent (50%) of the average weekly volume of shares of our common stock traded during the two (2) week period immediately prior to an Advance Notice, where a “week” is five (5) consecutive Trading Days. GCP’s obligations under the SEDA are not transferable.
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."
They also had massive amounts of "non convertible funding" pre and post early IPO years (bank loans, debt deals, the Bluecrest master fund loand and B of A loan that went into default, loans/debt from Northstar, etc all kinds of "non convertible funding", the Magna deal is far from their "initial non convertible funding", not by a long shot?), having sunk over $118 MILLION into this. There's nothing new here? There is no sign of a "slow weening" off of convertible debt deals- read the latest 10-Q. They just did 3 more of them, right up until Oct 2014, despite "revenue". What proof is there of any "weening" off of using convertible debt? Their debt actually increased slightly this qtr over last qtr, despite "revenue" and the loss from operations didn't decrease any either- from a yr over yr period compared to 2013. Where are the facts supporting "weening" and all the rest?
It's also not the first year with "actual revenues"? They've booked revenue from catheter sales (as one example) many times in the past. They also used to sell some "system", I don't even remember the name- and the CEO at that time put out PR "projecting" sales in the $10's of millions, even said they'd hired some super new "team members" and one of um was some ace sales guy that was supposed to land big sales of this unit they were selling. I can find the PR easily- I posted it prior.
So what's really different now or this time? Not seeing it IMO? Their financial condition is pretty dire as usual. They finished the qtr with about $46K cash TOTAL left on the books against $10 million in debt and stated another "going concern" warning based on those realities. What exactly is "different"??
AI
