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Thursday, August 10, 2023 7:39:22 PM
Property & equipment is $366K. How are they producing generics? Or are they? Where is the manufacturing equipment, warehouse, quality inspection, etc? 366K is not enough. Most of their assets is cash & cash equivalents.
Note 7 – Capital Stock The Company’s authorized capital is comprised of 3,000,000,000 [!] shares of $0.001 par value common stock and 30,000,000 shares of $0.10 par value preferred stock, to have such rights and preferences as the Directors of the Company have or may assign from time to time. As of December 31, 2021, the Company had authorized 1,000,000 shares of Series B Preferred Stock. The Series B Preferred Stock is non-convertible, non-redeemable and non-retractable. It has superior liquidation rights to the common stock at $0.10 per share and gives the holder the right to 1,000 votes per share. As of December 31, 2021, the 1,000,000 shares of the Series B Preferred Stock were held by the CEO of the Company.
This is laughable and outright should be fraud:
On January 19, 2023, the Company announced a stock repurchase program of up to $2 million. In July and August 2023, the Company repurchased a total of 68,012 shares of common stock at an average price of approximately $0.5046 per share for a total cost of $34,321. As of the date of this report, the repurchased shares have not been returned to treasury.
They then increased their O/S and have been dumping millions of shares with some kind of involvement from the Cayman Islands.
Note 3 – Private Placement On May 16, 2023, the Company completed a private placement pursuant to a securities purchase agreement with a single healthcarefocused institutional investor for gross proceeds of approximately $5 million, before deducting fees to the placement agent and other offering expenses payable by the Company. The net proceeds received by the Company were $4,089,218. In connection with the private placement, the Company issued (i) 2,450,000 shares of common stock, (ii) 3,502
Plus all the executive payouts within 3-6 months and $5m to Nora's CEO:
As part of the consideration paid for Nora Pharma, the Company agreed to a $5,000,000 CAD ($3,632,000 USD) earnout amount payable to Mr. Malek Chamoun, the Seller of Nora Pharma.
Was this weird private placement and private selling stockholder how they paid Malek?
Their proprietary pharmaceutics went from 8-12mo to "TBD." Does that mean they've been shelved?
We are not generating adequate revenues from our operations to fully implement our business plan as set forth herein. On February 17, 2022, we received net proceeds of approximately $6.8 million from the sale of common stock and warrants in an underwritten public offering. On March 14, 2022, we received net proceeds of approximately $6.8 million from the sale of common stock and warrants in a private placement. On April 28, 2022, we received net proceeds of approximately $16.8 million from the sale of common stock and warrants in a private placement. On May 16, 2023, we received net proceeds of approximately $4.1 million from the sale of common stock and warrants in a private placement. We believe our existing cash will be sufficient to fund our operations, including general and administrative expenses, research and development activities, and the generic pharmaceuticals sales business, for the next 18 to 24 months. There is no assurance our estimates will be accurate. Management estimates that we will need additional capital in the amount of approximately $30 million for expansion of our drug development activities and generic pharmaceuticals operations, including possibly a Phase I clinical trial. Additional capital may not be available on terms acceptable to us, or at all. Currently, we do not have any firm committed arrangements for financing and can provide no assurance that we will be able to obtain financing when required. No assurance can be given that we will obtain access to capital markets in the future or that financing, adequate to satisfy the cash requirements of implementing our business will be available on acceptable terms. Our inability to obtain acceptable financing could have an adverse effect upon the results of our operations and financial condition.
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