And? So? It's still 100% true. What serious level revenue have they produced to even come close to stemming their losses?
Do you read the 10-Q or 10-K filings? Their expenses increased greater than any "revenue", thus their loss from operations was essentially unchanged and they're still tapping toxic debt financing for survival, finishing the last qtr with a grand total of about $92K cash on hand. Total. $92K cash. I know people with cars that cost that much- and they're not "wealthy" by any stretch, it's a new Mercedes. A company is going to run multiple phase II/III trials with $92K cash remaining in the bank? That's a giant LOL.
Lets review some facts from some recent SEC filings:
1) Cash and cash equivalents end of this Q2 was $91,221.00
(essentially broke) Page 4, 10-Q filing
2) Net loss from operations: latest 10-Q page 5:
Q2 2014 after supposed "big revenues" was (1,078,971)
Q2 2013 net loss from operations same 6 month period (1,123,232)
What is that, $46K difference? What difference did the "revenue" make?
3) SG&A or G&A expenses increased massively- negating any "revenue"
Marketing, general and administrative 6 months ended Q2 2014
$1,898,577
Marketing, general and administrative 6 months ended Q2 2013
$1,147,553
That's an increase of $1,898577-$1,147,553 = $751,024
That negates any so called "revenues" and doesn't even include the new pay increases and new bonuses for Comella and Tomas.
4) Some recent toxic debt deals- look at the paltry sums- why would they need such trickles of cash, unless desperate?
Most recent 10-Q, PAGE 14 and 15:
"Asher Notes (During this year)
During the six months ended June 30, 2014, the Company entered into a Securities Purchase Agreements with Asher Enterprises, Inc. (“Asher”) or affiliates, for the sale of 8% convertible notes in aggregate principal amount of $183,000 (the “Asher Notes”).
The Asher Notes bear interest at the rate of 8% per annum. As of the quarter ended June 30, 2014 all interest and principal must be repaid nine months from the issuance date, with the last note being due February 16, 2015. The Notes are convertible into common stock, at Asher’s option, at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. The Company has identified the embedded derivatives related to the Asher Notes."
"Daniel James Management
During the six months ended June 30, 2014, the Company entered into a Securities Purchase Agreements with Daniel James Management (“Daniel”) for the sale of 8% to 9.5% convertible note in aggregate principal amount of $60,000 (the “Daniel Notes”).
The Daniel Notes bear interest at the rate of 8% to 9.5% per annum. As of the quarter ended June 30, 2014, all interest and principal must be repaid one year from the issuance dated, with the last note being due May 29, 2015. The Daniel Notes are convertible into common stock, at holder’s option, at a 47% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. The Company has identified the embedded derivatives related to the Daniel Note."
"Fourth Man, LLC
During the six months ended June 30, 2014, the Company entered into a Securities Purchase Agreements with Fourth Man, LLC. (“Fourth Man”), for the sale of an 8% to 9.5% convertible note in the aggregate principal amount of $50,000 (the “Note”).
The Notes bears interest at the rate of 8% to 9.5% per annum. As of the quarter ended June 30, 2014, all interest and principal must be repaid one year from the issuance dated, with the last note being due June 26, 2015. The Notes are convertible into common stock, at Fourth Man’s option, at a 47% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. The Company has identified the embedded derivatives related to the Fourth Man Notes."
How bout the base pay increases and bonuses alone- for just two people, that will consume all so called "revenues increases" brought in to date?
Most recent 10-Q, PAGE 25:
"NOTE 13 — SUBSEQUENT EVENTS
Officer compensation
On July 28, 2014, the Company’s Board of Directors approved the 2014/2015 salary for Mike Tomas, Chief Executive Officer, at $525,000 per year, beginning July 1, 2014 with an incentive bonus ranging from $150,000 to $500,000. In addition, the Board of Directors will grant Mr. Tomas options to be determined on or before June 30, 2015. The Company’s Board of Directors approved a bonus of $500,000 and options to acquire 10,000,000 shares of the Company’s common stock for ten years with four year vesting and a cashless exercise provision at an exercise price equal to the five day average closing price of the Company’s common stock as of August 1, 2014. The cash bonus may be paid in the form a six month promissory note.
On July 28, 2014, the Company’s Board of Directors approved the 2014/2015 salary for Kristin Comella, Chief Scientific Officer, at $250,000 per year, beginning July 1, 2014 with an incentive bonus ranging from $100,000 to $300,000. In addition, the Board of Directors will grant Ms. Comella options to be determined on or before June 30, 2015. The Company’s Board of Directors approved a bonus of $300,000 and options to acquire 5,000,000 shares of the Company’s common stock for ten years with four year vesting and a cashless exercise provision at an exercise price equal to the five day average closing price of the Company’s common stock as of August 1, 2014. The cash bonus may be paid in the form a six month promissory note."
Notice, the company is so cash poor- they can't even pay those bonuses out of present cash on hand or cash flows- so they're going to issue "promissory notes" for them. More debt owed to insiders, w/ interest of course.
How bout some recent deals- using shares to pay common bills as the company is cash poor- despite supposed "revenues"?
Most recent 10-Q, PAGE 25, for just a sampling- one can find a page like this in every 10-Q and 10-K going back years:
"Subsequent issuances
In July 2014, the Company issued an aggregate of 1,006,451 shares of its common stock for services provided.
In July 2014, the Company issued 155,677 shares of its common stock in settlement of accounts payable of $6,227.
In July 2014, the Company issued an aggregate of 6,985,495 shares of its common stock in settlement of related party notes payable, accrued interest and other obligations in aggregate of $279,419.
In July 2014, the Company issued an aggregate of 2,640,625 shares of its common stock in settlement of notes payable of $32,500.
"
Why do they need to dilute and pay people for things like "services rendered" when they have supposed "big revenue" as you claim? Well, cause they have no cash, that's why.
How bout the dilution from just Q1 to Q2- over 50 MILLION shares in a single quarter. Why, with everything supposedly "different" now as you claim?
Page 1, most recent 10-Q:
As of August 1, 2014, there were 517,272,472 outstanding shares of the Registrant’s common stock, par value $0.001 per share.
Page 9, most recent 10-Q:
" Fully diluted shares outstanding were 588,670,163 and 290,900,920 for the three months ended June 30, 2014 and 2013, respectively and 553,719,873 and 264,534,723 for the six months ended June 30, 2014 and 2013, respectively."
What about the simple fact- that despite all that dilution, all that toxic financing, giving of pay increases and bonuses- they've not advanced a single, major trial one iota? Why? Why is that?
Most recent 10-Q, PAGE 27:
"We are seeking to secure sufficient funds to reinitiate enrollment in the MARVEL and REGEN trials. If we successfully secure such funds, we intend to re-engage a contract research organization, or CRO, investigators and certain suppliers to advance such trials. We have initiated and enrolled our first patient in the MIRROR trial in 2013. The trial is very similar to the MARVEL trial but focusses on sites outside the US. We will continue enrollment in the MIRROR trial once we have secured sufficient funds."
Key trials- DEAD IN THE WATER for lack of "funding"? What "revenues" are you talking about again?
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