Progressive Care Inc (RXMD)

[Jimmy Quick]

Well I kind of disagree with both of you. That $40 million in revenues is pretty much set in stone, and the $32.6 million from FY2019 is actual. Last half of the year we had two back to back over $10 million revenue quarters subsequent to the acquisition. $40 million is lowballing revenues for the year, that's assuming no increases in additional services or additional acquisitions. We have added I believe 3 340B deals, a Ready StEP deal, and you have seen all the recent news regarding online portal, that doesn't include CBD either. These last 2 items are all cash based with good margins, the other 2 I believe are both fee based arrangements per script filled. But yes Actual is good to know, but projections are just as important.

The convertible note has been included and discussed at length in every conference call, including the intent to pay it off and secure traditional financing in it's place. Right now RXMD is siting on $2.4 million in cash, $800k at 12/31/19, $600K received in April for Performance paybacks; and $1 Million from the Cares Act. You won't see the two later amounts in the 3/31/20 F/S, but they will disclose them.

Let's just assume that 1.45 million shares yesterday was for the convertible note. That was 3.2% of all shares traded yesterday, and they are limited to 10% of trading volume and can't even hold more than 4.99% of common stock outstanding at any point in time. They have to request new tranches when they are out. Point I am making is they are of no significance at this time when volume is high. We flew to $.27 last time while they were converting shares used for another previous aquisition.