GT Biopharma Inc (GTBP)

[Trent Blair]

All of this from the annual report. One of the worst annual reports I've ever seen. $23 million net loss in 2014. $30 million in liabilities. Because our lack of funds, we will have to raise additional capital in order to fund our selling, general and administrative, and research and development expenses. Effective March 13, 2015, the Company entered into a securities purchase agreement with seven accredited investors to sell 10% convertible debentures, with an exercise price of $0.025, with an initial principal balance of $2,050,000 and warrants to acquire up to 82,000,000 shares of the Company’s common stock at an exercise price of $0.03 per share. Interest expense was $5,146,000 compared to $1,196,000 for the year ended December 31, 2014 and 2013, respectively. The increase of $3,950,000 is due to additional notes payable incurred in 2014. We expect our administrative expenses to approach $5,000,000 on an annualized basis.