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Wednesday, January 21, 2009 12:21:55 PM
No. My reading of the filing is that they paid just under $15 million in cash or cash equivalents (common shares), excluding any other intercompany transactions.
Here's how I calculate this:
November 30, 2005 4,923,080 shares of Biophan common stock paid for initial minority stake in Myotech.
Value of common stock at 11/30/05: $1.72.
Value of payment in stock: $8,467,698
October 1, 2007, Biophan provided an aggregate of $4,636,040 of additional funding in exchange for 1,682,234 newly issued Class A units of Myotech, which raised ownership percentage to 44.1%.
Total funding to that point: $8,467,698 + $4,636,040 = $13,103,734
As of November 30, 2007 Biophan purchased an additional 9,316,547 Class A membership units upon the payment of an aggregate initial purchase price of $1,200,000 bringing ownership percentage to 68.02%.
Total funding to that point $14,303,734
October 17, 2008: Under the terms of this amendment, we have purchased a total of 1,854,000 Class A units for an aggregate total of $600,000, increasing our ownership to 70.6% as of, the date of dissolution.
Total funding to that point: $14,903,734.
I suspect I may have underestimated the total payments to Biophan because the filing is not exactly crystal clear.
Anyhow, that's my reply. Hope it helps, and if you disagree, do tell me why.
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