I see Nelson and Bolin have worked their magic again:
(Q2 report, page 23)
Toxic debt followed by massive dilution was Nelson's special talent at CYPW. After he couldn't sell any more CYPW stock, he got a license for their wonder technology and started QPWR. He sold one system to a customer, took a down payment, defaulted on that contract and switched the company to composting wonder technology.
Total assets on June 30 was $19,601 in cash. Current liabilities were $5,048,968. After all those millions in cash investors have put in, the company literally doesn't even own a stapler..... And they had funding to continue operating until, oh, two weeks ago.
The plan now? Well, they are going to sell their "ABS licensed technology" to their composting sugar daddy EPH. How did that go?:
They never saw a penny from that company-saving wonder technology (and it's hard to understand how they can talk about holding a license when they're a year behind in royalties...).
They are giving up the composting management contract with EPH, which was the company's only source of revenue, in exchange, potentially, for a small reduction in debt.
But now they've got a new company-saving wonder technology, Sm-153 DOTMP CycloSam® .
It came out of a company called IsoTherapeutics Group, LLC, which appears to be a real company. Their trademark was issued in 2011. The timeline at IsoTherapeutics:
It does appear that a clinical trial of up to 20 patients is in the "Not yet recruiting" stage. Estimated Study Completion Date : September 2023, provided they start in November 2020.
The details of the deal:
So, yeah, we've got this wonder drug that IsoTherapeutics didn't think worth keeping, spun it out as CycloSam Therapeutics that got investment and didn't go anywhere, then the principals licensed to a nearly bankrupt company (ONCX), and now to another nearly bankrupt company for a cash consideration of $60,000. And that's with their fantastic management team that is so experienced and successful in the sector.... You'd think $60K would be pocket change to those guys.
Effective date was April 20, 2020. That was the 111th day of the year, and today is the 285th. Hmmm, we're 174 days into that 180 day deadline.
They certainly haven't sold a million in stock lately and it's hard to imagine anyone loaning them another million without security.
Exhibit A of that filing shows only two patents have been issued, 12 are pending and 6 patent applications have expired. IGL is probably eager for the million from QSAM to finish those remaining applications before they expire, too. Funny how that illustrious management team doesn't think those patents are worth any of their own money.
But, hey, that Phase 1 clinical trial should be in by September 2023, and if that goes well, they can raise some more money and start the Phase 2 clinical trial, then after that the Phase 3 clinical trial. After that, they can start to make some money.
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