Mysscat, you are correct, I am pessimistic on this stock. Outside of the IMA deal, not much positive has gone on with this stock for quite some time. If you do remember, I was quite optimistic back in February when we learned that BOCX was paying Smithline with cash instead of stock. However, the return of the licence by ABT (spun as a revised deal) sent off warning bells, atleast for me. I have read every file a number of times, and have done considerable homework on many of the players who have provided financing.
As far as the next quarterly report, I am guessing that it will show little, as I believe that Dr. Moro did in fact payed Smithline in cash up to Mar 01 and that given that the next payment was due April 01, the report will probably not "show" whether or not stock was used for this payment.
Unfortunately, little about BOCX's financial condition will not be revealed until about mid August (second quarter report), and by that time it will either be boom or bust for BOCX anyway. If IMA hasn't started trials or a 3rd licence signed on, where does BOCX go? And where do they get their next batch of money? Smithline? If you were Smithline, would you lend more money to someone who owes you over $2MM?
Remember that Biocurex may elect to pay the principal and interest on the notes with shares of its common stock. However, even if they wish to do so, they are limited to 25% of the total volume for the last 10 trading days of the preceding month. WHERE IS THE VOLUME LATELY! Even if BOCX wanted to use stock, they might not be able to pay all of each payment with stock anyways!
As per the filing:
The number of shares to be issued for the payment of
principal or interest will be determined by dividing the amount to be paid by the lesser of the conversion price then in effect or 80% of the weighted average price of Biocurex's common stock for the ten trading days preceding the payment
date. In order to make principal or interest payments with shares of its common stock certain conditions must be met, including the condition that the number of shares to be issued in payment of principal or interest cannot exceed 25% of the total shares traded for the 10 trading days prior to the payment date. Biocurex does not intend to use its shares to make principal or interest payments if the weighted average price of Biocurex's common stock for the ten trading days preceding the payment date is less than $0.48.
PS-I bought some stock recently, and had little trouble getting filled at the ask-it usually took about one minute.
AI
