Does this concern anyone? Is it a coincidence where the stock price is right now? I'm curious to see where this goes.
From the S1 dated 12/31/09:
"Going Concern
Our consolidated financial statements have been prepared assuming we will continue as a going concern. We have experienced recurring net losses from operations, which losses have caused an accumulated deficit of approximately $30.9 million as of September 30, 2009. In addition, we have a working capital deficit of approximately $5.3 million as of September 30, 2009 and approximately $13.4 million as of December 31, 2008. We had net losses of approximately $6.0 million as of September 30, 2009 and $6.9 million and $6.0 million for the years ended December 31, 2008 and 2007, respectively. These factors, among others, raise substantial doubt about our ability to continue as a going concern. Our consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty. Assurances cannot be given that adequate financing can be obtained to meet our capital needs. If we are unable to generate profits and unable to continue to obtain financing to meet our working capital requirements, we may have to curtail our business sharply or cease operations altogether. Our continuation as a going concern is dependent upon our ability to generate sufficient cash flow to meet our obligations on a timely basis to retain our current financing, to obtain additional financing, and, ultimately, to attain profitability. Should any of these events not occur, we will be adversely affected and we may have to cease operations.
Management has been able, thus far, to finance the losses and the growth of the business, through private placements of its common stock and the issuance of debt. The Company is continuing to attempt to increase revenues within its core businesses. In addition, the Company is exploring alternate ways of generating revenues through acquiring other businesses in the stem cell industry."
1
ABOUT THIS OFFERING
Common Stock outstanding prior to the offering
4,886,468,478
Common stock to be sold by the selling stockholder
840,000,000 (1)
Common Stock to be outstanding after the offering
5,726,468,478 (2)
Use of proceeds
We will not receive any proceeds from the sale of the common stock hereunder. We will receive the sale price of any common stock we sell to the selling stockholder upon exercise of warrants. We expect to use the proceeds received from the exercise of warrants, if any, for general working capital purposes.
OTCBB Symbol
CBAI.OB
———————
(1)
Consists of 840,000,000 shares underlying a warrant, based on the assumed sale of $7.5 million Series A Preferred Stock at times when our stock price is $0.0125 per share.
(2)
Assumes the exercise of the full amount of the warrant.
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