Since we have been speculating about cash burn for a few months now, I decided to do a little number crunching. From the files we know the following:
Estimated cash used in operations in 2007 = $1111525 ($833,644 for first 9 months)
and that stock was used to pay for many other things such as advertising.
We also know that on Sept 30, 2007, BOCX had $2,360,664 of cash on hand (page F-2) and that on Jan 15, 2008 it had $1,411,000. From this we can concur that in 3-1/2 months BOCX burned through $949,664 or about $271,332 per month. However, if we weigh the loan pmt and interest over the entire month of January, then this would lower BOCX's cash burn rate to about $250,000 per month.
Based on this burn rate, and without additional cash infusion, (i.e. IMA upfront money, selling of stock, ABT pmt), it can be approximated that BOCX will burn through their cash in about 5.64 months (1,411,000/250,000) from Jan 15, 2008 ---beginning of July, 2008.
IMO, unless Dr. Moro has been able to do a private placement, cut back on wages, or get more money upfront from IMA than expected, he must be expecting money to come in very, very soon from somewhere. (Remember-he couldn't raise money last summer and therefore had to do the financing with the CAMOFI).
CONCLUSION-IMO NEWS IS IMMINENT
LETS GO BOCX
AI
