I still see Chang at the New York Stem Cell Center. I think he has always been on the board, getting his $1,000 a year for doing so.
Now, looking at the last 10Q
"The increase in the license expense for the three months relates to the amortization of all remaining license costs as a result of the termination of the license by Rutgers."
"Revenue. Total revenue for the six months ended May 31, 2014 and May 31, 2013 was $24,659. All of the revenue for the six months ended May 31, 2014 and May 31, 2013 is from the amortization of deferred revenue under license agreements with Corning and Pfizer."
"Net Loss. Net loss for the six months ended May 31, 2014 was $706,259, as compared to a net loss of $649,429 for the same period in the prior fiscal year, representing an increase in the net loss of $56,830. This increase in net loss in the current period is principally due to the increase in consulting and legal fees, the increase in the license and interest expense recognized as a result of the termination of the Rutgers License Agreement, offset by the decrease in the amount of stock-based compensation, all as explained above."
"We expect that LJCI will continue to exercise the LJCI Warrant and convert the Debenture over the next year, subject to the limitations of the LJCI Agreement and availability of our authorized common stock, but cannot assure that LJCI will do so"
Running out of shares? Still one full time employee making over $100K, that's Newmin.
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