Friday, April 01, 2022 3:37:27 PM
As of March 31, 2022, there were 48,444,979 shares of the Registrant’s $0.001 par value common stock outstanding. There are also another 15,259,560 potential shares in the forms of options and wts as of 12/31/21, so we're talking ballpark 63.7mm f/d shs. with stock currently at $6.70, that bestows upon the stock a $325mm mkt cap.
Grasp that for a moment, and then read the following section from the 10-K released yesterday... https://sec.report/Document/0001607062-22-000229/
Liquidity and Management Plans
The Company has an accumulated deficit of $31,888,477 and approximately $6 million in convertible debt that matures within the current year. As a result, the Company has suffered recurring losses and requires significant cash resources to execute its business plans. These losses are expected to continue for an extended period of time. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern.
Historically, the Company’s major sources of cash have been comprised of proceeds from various public and private offerings of its common stock, debt financings, and option and warrant exercises. During the year ended December 31, 2021, the Company raised approximately $14.4 million in gross proceeds from various public and private offerings of its common stock.
As of December 31, 2021, the Company had approximately $15.3 million in cash and cash equivalents. Although the Company expects to have sufficient capital to fund its obligations, as they become due, in the ordinary course of business until at least December 31, 2022, the actual amount of cash that it will need to operate is subject to many factors. During the year ended December 31, 2022, the Company expects to collect the receivable of $1.3 million from the sale of its ACMG investment. The Company also decreased its debt in 2021. With the funds raised and the other mitigating factors the Company believes that it has enough cash to fund its operations for one year from the date of filing. Therefore, such conditions of substantial doubt as of December 31, 2021 have subsequently been alleviated.
The Company recognizes it will need to raise additional capital in order to continue to execute its business plan in the future. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company or whether the Company will become profitable and generate positive operating cash flow. If the Company is unable to raise sufficient additional funds, it will have to further scale back its operations.
Now I have no idea what company mgmt is projecting for 2022 or 2023 revenues, and i suspect no one else here does either, but my bet is that it doesn't support a $325mm mkt cap.
I'm all ears to hear reasonable non-emotional responses from others on this board about any of the above. Fire away
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