Agreed buddy! Hey I just received approval from them to go ahead and post my initial Q&A! Their response was an attachment instead of in the body of the email so I'm copying/pasting the attachment>>>
According to the most recent Q, as of June 30, 2015 all VGLS subsidiaries were inactive. Can you please explain what this means for VGLS?
Our Subsidiaries
VG Energy, Inc.
In 2010, we established a subsidiary, VG Energy, Inc. We currently own 81.65% of the common and preferred shares of VG Energy. The subsidiary was established to develop non-pharmaceutical applications of our science for use in the augmentation of oils that could be refined into diesel and other transportation fuels, as well as into high-value edible, cosmetic and nutraceutical oils. We have demonstrated in the lab that the same techniques used in our medical research increase oil yields of other plant and plant-like cells, as well as fungi, including yeast, corn, palm, soy and pea. While we believe that VG Energy could develop viable products, we are not investing resources in this subsidiary so we can focus our efforts on our drug development programs.
MetaCytoLitics, Inc.
On July 27, 2009, we formed the subsidiary, MetaCytoLytics, Inc. to study the use of MDT in the treatment of cancerous tumors. This subsidiary is largely inactive now and we are conducting MDT research through our own efforts.
Please provide a brief explanation of MVF financiers relationship to the company ie: Status update on how friendly they are to the company and how much of their $862,500 promissory notes commitments made for calendar year 2015
The services being provided by MVF include a management team comprised of a President and CEO, Chief Financial Officer, Chief Operating Officer, Controller, corporate project manager, grant application coordinator, finance administrative assistant and public relations resources. The $862,500 has been coming in as needed.
Through June 30, 2015 and August 12, 2015, $75,000 and $85,000, respectively, has been funded through the RLOC with MDC. Please explain MDC’s conversion timeline ie: Do they currently or is it anticipated that they will have any shares in the mix on the near term horizon?
Both are very friendly to the company. Both have been with company in excess of 10 years. MDC is owned 42.66% by the Tynan Family Trust, of which our Chief Executive Officer and director, John Tynan is the trustee; 42.66% by our Chief Financial Officer and director, David Odell; 4.87% by EDK, LLC, which is managed by Edward Koke; 7.31% by West Beach Investments, LLC, which is managed by Steven Schott; and 2.5% by Ruth Loomer, an individual.
Please provide a brief explanation of KED Consulting Group LLC (“KED”) and MedBridge Development Company, LLC funding relationships with the company. For example, are both considered friendly funders to the company?
They usually convert end of each quarter. They are insiders and as such governed by insider regulations
Please provide a brief explanation/status update on the Investment Agreement with Dutchess Opportunity Fund II L.P.?
The registered shares are still available and at this time the company has no plan to use it
As of June 30, 2015, the balance due to DMBM in accordance with the release and settlement agreement is $14,250. Is this amount due to DMBM still outstanding and if so…please provide a status update ie: Will DMBM be issued notes to satisfy their outstanding balance due?
It’s up to DMBM who haven’t advised us on anything pertaining to this.
Can you please briefly describe the co’s plan in regards to the following? How will phase II and phase III costs be handled?
Future funding arrangements by engaging in equity financings, obtaining funds through arrangements with collaborators,license our rights to technologies, and exercise of options and warrants.
Please provide a brief update on the status and expected focus of the co’s TPT & MDT pursuits. For example…which of the 2 is the main focus and closest to the next sequence of material developments unfolding? How will the ongoing clinical trials costs on each be paid for?
Both will be pursued equally but different sources of potential funding. MDT is most likely a collaboration situation, since it works with chemotherapy and off-course grant money. TPT technology will most likely be equity and grant funding.
Please provide any other relevant TPT and MDT progression/evolution details worth noting. For example, are there any licensing/partnership agreements planned/forthcoming or being discussed? Potential timeline on FDA approval for either drug?
Please see our filings.
