Correct as always. Look at these financial numbers. Shares were used for all the right reasons. Plain and simple.
Just how much have assets increased since we took out that first loan with CHICAGO VENTURES on July 22, 2016. Just to show CONTEXT is everything. Please see the detail below to see just how few shares have been converted by Chicago Ventures compared to total outstanding for financing ProgressiveCare's expansion initiatives.
Let’s take a Look at Progressive Care Financials.
Starting with Total Assets:
December 31, 2015
$1,361,052 to
September 30, 2018
$3,221,368
That’s an increase of $1,860,316 in less than 3 years.
Next Total Liabilities:
December 31, 2015
$1,432,906 to
September 30, 2018
$2,393,181
That’s an increase of $960,275
Difference between Total Assets and Total Liabilities is a $900,000 increase for the better in that same period.
Now Net Annual Revenues:
As of December 31, 2015
Sales/Annual Revenues Net were $13,642,000
As of December 31, 2018
Sales Net were $21,142,000
That's a $7,500,000 increase in annual net revenues over that 3 year period.
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So a little history lesson on Outstanding Shares.
Outstanding Share Balance as of 12/31/2016
345,825,607
Outstanding Share Balance as of 1/15/2019
431,221,376 Only 431 million for an OTCQB company. I repeat only, most companies have multiples of billions in OTC land.
Difference of 85,395,769
What makes up this difference amount?
Here we Go:
5,590,432 are owned by ProgressiveCare, Inc. and could be returned to treasury, presently they are recognized by the Transfer Agent on OTC Markets.
41,843,571 were given as a share-bonus incentive on January 5, 2018 to management and employees. Management has never sold a share.
35,367,266 were distributed to Chicago Ventures during 2017 and 2018 for cash that was received of $250K and $586K for use in buildout of headquarters and for use in 2nd pharmacy location in Palm Beach County, respectively. Note ProgressiveCare paid $100K of this back in cash instead of converting to shares. All of this debt has already been paid off in it's entirety, and Chicago Ventures holds no shares, these were accumulated by investors. Keep in mind this is when the company was trading in the $.01 - $.02 range. So a lot of investors were able to acquire shares for good value. That right there alone is profit for shareholders that held past $.019.
The remaining 2,594,500 were for contracting services (website,etc) and shares distributed to Board of Directors upon agreement to serve on ProgressiveCare's board and Audit Committee.
So as we can see, the only thing that even remotely represents dilution, is the share-bonus distribution. The shares dispensed to Chicago Ventures were used to increase assets of the company and grow additional revenues. This is not dilution by any means. All this did was give management an incentive/motivation to achieve great success. Look what they have done since this date. Acquisition, Tele-Pharmacy Platform, DischargeRX Program, Another Acquisition in the works, CBD Partnership in the Works.
I think it worked as they continue to strive to make this an even better company for it's shareholders.
