He stated a new website design is in the works but will be very time consuming because of the large number of products they offer online. Obviously the existing website already list their products and the associated content so it should be a relatively easy transition since it doesn’t require new content. I do understand if only one person is working on the website and they are creating new layouts and changing the entire Woo Commerce system.
We did talk about some content on the investors pages and some changes that could be made immediately to bring some clarity to to those sections.
Regarding the issue of compliance and why it is taking so much time, his answers were credible. The firm they hired to do the audit is using a different accounting method then they were using previously. Applying a completely different methodology to account for previously issued notes that was used to finance research, is slowing the process down. Also, they are going back 3 or 4 years.
While I understand the use of convertible notes in the OTC world, I don’t like the fact he is willing to use them in the future, especially once they get up listed to a major exchange.
Speaking of being up listed and trading on a major exchange, it looks like the target is sometime in 2019. We did talk about the share structure being over 2 billion with an outstanding shares being in excess of 1 billion and how that could hurt the effort to maintain a PPS over the minimum requirements of $1.
I specifically asked about decreasing the authorized shares and was told absolutely no. They seem to like having a large share structure (in my opinion a bad idea) and was willing to wait on up listing until revenue could support a minimum PPS. I also asked about r/s which got a resounding NO (no one ever admits that anyway) but he did seem open to buying back up to 100 million shares of stock if it was needed to qualify for listing on a major exchange.
Obviously the OTC is full of questionable companies and scam artists and ultimately talk is cheap. To answer your question of was I satisfied? I will be satisfied when I start seeing results from the promises. The two I will be looking for in the next few months will be a new website and compliance. I am willing to give them more time for the FDA approval because they move at their own pace and the company had little to do with how fast or slow the government moves.
For now, I will continue to watch and invest and like everyone else hope for the best.
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