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Friday, February 01, 2019 3:30:09 AM
Doctor Otiko is paying himself huge amounts of cash and eqivalts. I'll let you decifer the facts, but it looks like to me compensation is $650k for nine months and the company's revenues are only $37k. So back to the 50% + 5% proceeds from BiogenX sales tells me. They sold approximately $75k in product. Dr Otiko owns 25% of BiogenX, therefore he draining every penny can from this company.
Also from my point of view, the good doctor is also the one responsible for dumping his convertible shares on the market and lowering the PPS with the low volume. Look at the big picture here. Sales is not supporting the operation, not even close to a fraction of the cost of doing business.
The Doc is liquidating his shares and I believe will exit soon and if the company doesn't go bankrupt, the next CEO will likely do a RS as part of the restructure of the company. The business imodel is not viable and to make it so, the revenue will need to increase by 50x just to break even.
What we have here is a ATM disguised as a start-up business.
The elephant in the room is the CEO's compensation in various forms, don't take this lightly.
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