Have been following the last few days and sounds interesting, but a few things I cant reconcile, and perhaps others can.
1. On December 20, 2016, certain stockholders who beneficially owned 122,998,482, or approximately 50.66%, of the combined voting power of the common stock consented in writing to increase the number of authorized shares of common stock from two billion shares (2,000,000,000) to ten billion shares (10,000,000,000) shares, par value $0.001 per share.
Why? This is not a positive IMO, even though I realize the spin and have seen it many times. Especially when (see 2)
2. From the latest 14C in January: [1] Mr. Chan owns 14,845,000 shares of common stock and holds the options to acquire 466,666,800 shares of common stock at an exercise price of $0.0015 per share until May 29, 2020.
Mr. Chan’s spouse owns 103,653,482 shares of common stock and holds the options to acquire 93,333,400 shares of common stock at an exercise price of $0.0015 per share until May 29, 2020.
WOW!
3. And this in the same document: The Board of Directors has received a proposal for financing from the Chairman of the Board of Directors to increase the borrowing limit available on the existing line of credit arrangement by $1,500,000, which will provide financing to support operations of the Company for the next twelve months. In exchange for the increase to the line of credit, the Company would be required to issue the Chairman and his spouse the option to acquire an additional 4,390,001,300 shares, having an exercise price of $0.002 per share. All of the options previously issued to the Chairman and his spouse would be repriced to $0.002 per share in order to equal the exercise price of the newly issued options. The Board of Directors believes it is prudent to increase the authorized shares of common stock at this time as it will enable the proposal for financing to be accepted.
But then this a few weeks ago...
3. On September 25, 2017, the Company issued a press release announcing 1) that is has added international reference dosing to insulin dose adjustment 2) has contacted the SEC to seek guidance to remedy its reporting deficiencies and 3) it has authorized a private placement up to $5 million for the issuance of convertible debentures that are convertible at $0.05 per share.
Seems like the option on 4.9B is an overhanging death wish, but then the $5mm at .05?
Im not an expert at this for sure, but seems there are some odd items that need reconciling.
Good luck. Watching closely. Any input welcome as I am new here and may have missed some things for sure.
LM
