BONUSES, SALARY increases, LEGAL FEES, etc versus R&D and WHERE DID THE MONEY GO??
Most recent 10-K, just filed, PAGE 55 says it all pretty much IMO. What caused the massive rise in expenses that then caused the biggest loss from operations in 5 yrs? Was it clinical trials? NO. Was it R&D being spent to discover new products or similar? NO. Was the cuts to R&D cause they didn't have any trials being conducted? NO.
READ WHAT THEIR OWN 10-K, IN THEIR OWN WORDS has to say about WHERE THE MONEY WENT- it's beyond fascinating IMO.
PAGE 55, just released 10-K:
"Research and Development
Research and development expenses were $66,420 in 2014, a decrease of $560,563 from research and development expenses of $626,983 in 2013. The decrease was primarily attributable to a decrease in the amount of available funds.
The timing and amount of our planned research and development expenditures is dependent on our ability to obtain additional financing.
Marketing, General and Administrative
Marketing, general and administrative expenses were $4,669,432 in 2014, an increase of $2,401,601 from marketing, general and administrative expenses of $2,267,831 in 2013. The increase in marketing, general and administrative expenses is attributable, in part,to an increase in legal fees, salaries and insurance expenses."
THERE IT IS IMO. Pretty much says it all for me- they cut R&D by over HALF A $MILLION dollars, $560K, cause in their words they "DID NOT HAVE THE MONEY"??? But in the next line explaining the massive, massive increase in expenses it states it's because of increases in SALARIES, LEGAL FEES and INSURANCE.
Thus, their "claim" is they cut R&D cause they just didn't "HAVE THE MONEY" at the same time they awarded $800K in CASH BONUSES in 2014 to just 2 of now only 3 total employees left at the company, also increasing the base pay rate to those same 2 people by a massive amount- and also increased legal costs (for what?, they don't say) and insurance.
What?? So they can't fund or get any clinical trials going as they "don't have the cash" -but the raises and "cash bonuses" are handed out w/o missing a beat? Wow.
Amazing IMO.
