Statements from the Company? I went through the entire CC and that amount is not there. I even posted a link to the CC. Are you talking about conversations you might be having with management or IR?
they will end Q1 with over 2.5M in sh eq, and satisfy nasdaq
Eico. Pro forma they were at $3.5 m at December 31, 2016. They were showing themselves having $6,937,000 at that time. They did their little magic with the warrant liabilities, subtracted the Sandoz liability ( I guess Ferring is going to pay them this amount ) and paid off the Loan ( they needed to do this in order to sell Vitaros and DDAIP ). And VOILA! There you have it.
In the press release they show the exact amount of cash they had by March 08, 2017 ( after the Ferring deal ). It's 5.4 m.
Take the $6,937,000 they had on December 31, 2016 ( pro forma ) and subtract $5,4000,000 the actual cash they had as of March 08, 2017. It shows you that they spent $1,500,000 ( cash burn ) in that time frame.
The $1,500,000 would come out directly from the shareholder equity. So instead of having $3.505 m, they would have $2,000,000 shareholder equity as of March 08, 2017.
And yeah, the magic trick ( warrant liability trick ) has it's limits. There is only $846,000 of warrant liabilities left on the books.
I guess you can argue that if they do this, it will leave them with $2.8 m shareholder equity at March 08, 2017 ( if they can in fact do this ). What about the cash burn to the end of the quarter? If they defer any payments it just adds to the liabilities, so no benefit there by doing that.
What pps requirements are you talking about?
The $1 pps requirement? That is requirement was solved with the reverse split. Are you are talking about a share price plunge after a private placement ( which I think will happen )? Let's say the pps goes under $1. They have to trade 30 days under $1 for Apricus to receive a Nasdaq requirement again.
The problem here is the $2.5 m equity requirement.
I brought forward a while back a way the company could solve this. It was a merger with a smaller company ( private or public ).
As far as your 500k statement. It makes less sense than you think. $800k cash burn was not achieved for all of the 4Q. I think it might have been achieved for December, January and February and March. He never said that the 30% reduction was in cash burn. The press release is very specific and the same can be said for the 10K.
Corporate/Financial
•
Reduce operating expenses by approximately 30% in 2017 as compared to 2016 operating expenses;
•
Regain compliance with the minimum $2.5 million shareholder equity requirement as required for continued listing on The NASDAQ Capital Market under NASDAQ Listing Rule 5550(b)(2) on or before May 30, 2017.
They can actually spend $800k per month for the entire 2017 and achieve their goal of a 30% reduction. 12 x $800k = $9.6 m It's actually more like a 35% reduction at $800k expenses per month.
I will ask you again. Can you please point me to where the company stated $500k cash burn per month. Is this public information?
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