Based on following found below from MD&A, BUG should have cash and cash equivalents of $346,926 (calculated as $214,344 + $139,560 - $6,978). With the recent financing, O/S shares on fully dilluted basis are 55,621,114 (also confirmed in MD&A). They better start breaking even soon.
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LIQUIDITY AND CAPITAL RESOURCES
At November 30, 2006, Biophage had cash and cash equivalents of $214,344 compared to $187,639 at November 30, 2005. The consolidated financial statements included a note on the Corporation’s ability to continue as a going concern (see note 1 in financial statement) is dependent on its ability to raise additional financing.
SUBSEQUENT EVENTS
On December 22, 2006, the Corporation issued, subject to regulatory approval, 1,073,537 units as part of a private placement financing. Each unit is made up of one common share and one common share purchase warrant (each such warrant is exercisable at the price of $0.17 for a period of 2 years). The 1,073,537 units are issued at a price of $0.13 per unit for a total consideration of $139,560. In the course of issuance of these units, $6,978 was paid and 107,353 warrants were issued as broker fees.
OUTSTANDING SHARES DATA
As of March 29, 2007, the information on outstanding securities was as follows:
Common shares: 42,948,912
Warrants: 12,323,852
Options: 348,350
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