Tuesday, July 05, 2022 12:03:15 AM
The problem with an alternative facts narrative about Algernon is it will not work on Wall Street. Wall Street experts can clearly see what's historically been going on at Algernon's virtual HQ and it hasn't convinced Wall Street to give Algernon any money from what I can tell in black and white. Another simple fact is Algernon does not have $4M on hand (CAD or US) in addition to the closing of the latest Canadian fire sale public offering. Why anyone would think/post that is just Kookie nonsense. There's nothing in the filed documents at Sedar or SEC that would suggest Algernon is anything but on the brink of bankruptcy.
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the six months ended February 28, 2022 and 2021
Dated April 27, 2022
Re: Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows from operations and anticipated investing and financing activities. The Company’s objective in managing liquidity risk is to maintain sufficient readily available reserves in order to meet its liquidity requirements. All of the Company’s financial obligations are due within one year.
At February 28, 2022, the Company had a working capital of $1,021,588 compared to working capital at August 31, 2021 of $3,886,947. This included cash and cash equivalents of $1,813,312 (August 31, 2021 - $2,411,163) available to meet short-term business requirements and current liabilities of $1,441,284
(August 31, 2021 - $1,022,314).
Full Stop
^Do the burn rate math. If you're not reading/comprehending the filed documents you're not doing actual due diligence. You're just making sh!t up as you fumble along.
Management raised $900K USD from the Canadian offering after having asked for $9M USD from the American offering. Management also targeted the Canadians for 2M CAD and came away with just over half (1.1M CAD) of their intended goal. Thus far, Algernon is 90% short of the mark for raising capital to pursue it's targeted pipeline of "stuff" moving forward. The question everyone must ask themselves, if not already, is do you want to move the narrative forward based on facts or pure fiction?
Anybody else know who Don is?
M$
Postscript
If management ever gets around to running a study for Chronic Cough they will make it as difficult as possible to reach statistical significance. They will continue to roll Chronic Cough into a study with the sickest of patients by primarily targeting people with Idiopathic Pulmonary Fibrosis. It will make your chances of success exponentially more difficult. They will take whatever information they glean from the next study to spin a story to run a 3rd study likely for Chronic Cough only. I see that as their likely 10 year strategy for Chronic Cough moving forward. Along with slow recruitment in Australia for tax rebates years later when they're back at the public trough begging for loose change to keep the company afloat.
Oh...does anyone believe Algernon will uplist to Nasdaq this year or the next? Your entire destiny now hinges on a journey through hell that's taken 2 years to get to a non statistically significant Topline data readout of 20 patients for IPF/CC. If it's underwhelming data they will overhype it until the Final data readout likely in another 6 months (Q1 2023). My best guess is you will remain on OTC for the foreseeable future. None of the goals set revolving around the 100 to 1 reverse split have come to fruition. A company "reorganization"? rotflmao... it's a pennyland whitewash dudes n dames.
Of note: In the latest filed MDA in April 2022, management stated Final Data for IPF/Chronic Cough was expected in Q2 2022.
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