VistaGen Therapeutics Inc (VTGN)

[Investman432]

The Good News
VSTA timely filed with SEC, a day early
Company reported $186k profit for Q1
Company removed statement that BGMO was in default of SPA (although they are still in default)
Company got someone other than Platinum to invest, although amounts were tiny ($32k from Singh, $25k to Autilion, some amount to accredited investor in August)

The Bad News
No revenue at all, continuing trend for several quarters
Profit came from write-down of warrant/cont note liability, not real cash or real business
Assets total $0.4 mm vs. Payables of $2.1 mm, Notes of $4.8 mm
No mention of any new business prospects/opportunities
Burn rate still over $250k a month
Accumulated deficit now totals $67.5 mm with no end in sight for losses
No comment on defaulted closings with Autilion, no sight of money
Common holders being squashed under senior secured debt and diluted by warrants/converts now totaling 45 mm shares or more than 2x the current common