Lexington Biosciences Inc. (LXGTF)

[77Port]

Yes, the history is there. From the provided link, I've cut and pasted some seemingly key paragraphs which may give a glimpse into how they think. The question is: could they do this same thing to LEX and HS?

The Company is primarily financed through the issuance of common shares to accredited investors, through private
placements and the exercise of warrants. Minor amounts of working capital have been provided through operating
funds from the Company’s oil and gas wells and through loans from related parties and shareholders.
The Company does not have self-sustaining revenues at this time and must rely on equity financing to fund working
capital and to carry out its business goals.
As at March 31, 2016, the Company had a cash balance of $1,849 (December 31, 2015 - $1,568) to settle current
liabilities of $483,512 (December 31, 2015 - $492,082).

The Company does not have self-sustaining revenues at this time and must rely on equity financing to fund working

And this one

The Company has a shortfall of capital resources, owing to its uncertain ability to monetize its oil and gas interests.
The Company’s oil and gas interests are not fully developed and significant exploration and development work will be
required to recover the carrying value of these properties.
While some of the Company’s oil and gas interests are revenue generating, they are not significant enough to fund
continued exploration and development activities. As a result, the Company’s source of long-term funding has
traditionally been the issuance of common shares for cash, primarily through private placements to accredited
investors.
The Company has traditionally supplemented equity financing from time to time by obtaining loans from related
parties. These are used to provide interim, short-term financing to meet day-to-day cash flow needs, on occasion, and
are not intended to be a long-term source of capital.

On April 15, 2016, the Company signed a letter of intent (“LOI”) whereby the Company or its wholly-owned
subsidiary Glenwood Acquisitions Corp. (“Glenwood”), incorporated on April 12, 2016 in the Province of British
Columbia, will acquire all of the issued and outstanding common shares in the capital of Lexington Biosciences Inc.
(“Lexington”), a private company incorporated in the Province of British Columbia, in connection with a proposed
business combination by issuing 7,500,000 common shares of the Company. Lexington is a development-stage
company focused on the development and commercialization of a technological device being developed to advance
the testing and monitoring of cardiovascular health.

One more:

GOING CONCERN
At March 31, 2016, the Company had working capital deficiency of $471,922 (December 31, 2015 - $480,525) and
had accumulated a deficit of $9,464,750 since inception. The Company has not yet reached a profitable level of
production from its oil and gas operations. Realizing the carrying value of the Company’s oil and gas properties,
requires continued cost efficient production or sale of the properties, and completing the exploration and development
of its unproven oil and gas properties requires significant additional financing. While the Company has been
successful in obtaining financing in the past, there is no assurance that it will be able to do so in the future. Additional
financing will be required by the Company to explore and develop its unproven oil and gas properties and to carry out
the business development required to achieve a self-sustaining level of revenue.
The recoverability of the amounts shown for oil and gas properties and exploration and evaluation assets is dependent
upon such factors as the existence of economically recoverable reserves, the ability of the Company to obtain the
necessary financing to complete exploration and development, and future profitable production or proceeds from
disposition of such interests.

Bottom line, IMHO, the same people have been in this situation before.
The question is are they planning to do it again, or are they going to see this through? Seems like Petro was failing and so they cut losses and pivoted. Pivoting is not a problem, in my mind. Pivoting is a company that can solve problems rather than let problems fester. Let's trust they stick with HS.