Quote, "So wait they sent the PR on this date:
" JAN 16, 2015BHRT
Bioheart's (OTCQB:BHRT +1.1%) Board of Directors authorize a share repurchase program, although the size of the buyback is not disclosed"
But did this roughly a month later???
"
Actually - it's even more involved than just doing the Vis Vires convertible note deal in Feb.
They, BHRT actually did one "toxic" style convertible note deal about one week prior to the "buy back" PR and then another on Jan 26th less than 2 weeks later after the PR release and then that 3rd toxic, convertible note in Feb with Vis Vires. So THREE "toxic", steep share discount, "floorless" convertible note deals all bracketing the time-frame of the release of the "possible/maybe/might" buy back some shares PR.
Thus, IMO, they, BHRT had to know they were extremely "cash poor" when the "buy back" PR went out- as they were doing financing deals nearly coincident in time and at horrible, horrible terms of 45% and 47% share discounts and w/ bottomless "reset" pricing provisions built into them.
Latest filed 10-K, PAGE F-34/F-35:
"Subsequent financing
On January 7, 2015, the Company entered into a Securities Purchase Agreement with KBM Worldwide, Inc. (“KBM”), for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on October 9, 2015. The Note is convertible into common stock, at KBM’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 140% if prepaid during the period commencing on the closing date through 179 days thereafter. After the expiration of 180 days following the date of the Note, the Company has no right of prepayment.
On January 28, 2015, the Company entered into a Securities Purchase Agreement with Fourth Man, LLC., for the sale of an 9.5% convertible note in the principal amount of $25,000 (the “Note”).
The Note bears interest at the rate of 9.5% per annum. All interest and principal must be repaid on January 27, 2016. The Note is convertible into common stock, at Asher’s option, at a 47% discount to the lowest daily closing trading price of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal at 150%, interest and any other amounts.
F-34
On February 19, 2015, the Company entered into a Securities Purchase Agreement with Vis Vires Group, Inc. (“VIS”), for the sale of an 8% convertible note in the principal amount of $38,000 (the “Note”).
The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on November 23, 2015. The Note is convertible into common stock, at VIS’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. In the event the Company prepays the Note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 140% if prepaid during the period commencing on the closing date through 179 days thereafter. After the expiration of 180 days following the date of the Note, the Company has no right of prepayment."
THREE convertible debt deals, pure high dilution type financing, all right about the time they put the PR about a "possible/maybe/could/might" share buy back maybe happening.
Yep.
