Cash update page 25, interesting: Looks like they put in an "update line" as of day before release- on their latest cash/debt position. They list $211K cash and equivalents (how much is actual "cash" versus "equivalents" - not enough info). So that Asher activity of $100K up through late Feb added some cash for sure, and maybe some of the recent income was booked- I see "some" income on balance sheet from catheter sales, services, etc. So cash beefed up a bit it looks like in the past 3 months, but that's typical of how they run usually- they sell shares, do "financing", get cash on the books good for a month or two of funding operations/burn rate, then wash, rinse, repeat. $211K per my guesstimate from the last burn-rate calc, is really only a month, maybe 1.5 months of cash? But it's better than the $40K or whatever on the balance sheet. Guess they did a "snap shot", last minute before the 10-K release (wonder if it's audited- I'd doubt it)- probably their best estimate of cash-on-hand and debt as of right now, all IMO.
Page: 25
"Risks Related to Our Financial Position and Need for Additional Financing
We will need to secure additional financing in 2014 in order to continue to finance our operations. If we are unable to secure additional financing on acceptable terms, or at all, we may be forced to curtail or cease our operations.
As of March 24, 2014, we had cash and cash equivalents of approximately $211,632.80 and a working capital deficit of approximately $13.4 million. As such, our existing cash resources are insufficient to finance even our immediate operations. Accordingly, we will need to secure additional sources of capital to develop our business and product candidates as planned. We are seeking substantial additional financing through public and/or private financing, which may include equity and/or debt financings, research grants and through other arrangements, including collaborative arrangements. As part of such efforts, we may seek loans from certain of our executive officers, directors and/or current shareholders. We may also seek to satisfy some of our obligations to the guarantors of our loan with Seaside National Bank & Trust, or the Guarantors, through the issuance of various forms of securities or debt on negotiated terms. However, financing and/or alternative arrangements with the Guarantors may not be available when we need it, or may not be available on acceptable terms.
If we are unable to secure additional financing in the near term, we may be forced to:
· curtail or abandon our existing business plan;
· reduce our headcount;
· default on our debt obligations;
· file for bankruptcy;
· seek to sell some or all of our assets; and/or
· cease our operations.
If we are forced to take any of these steps, any investment in our common stock may be worthless."
