"What a con"??? "All 32 million shares have been diluted."???
Of course all 35 million (not 32 million) shares presently O/S are fully diluted. When were they not? That's been true since the last 10-Q filing in Nov 4th 2014. There's nothing new being made in that statement?
PAGE 1, Most recent filed 10-Q:
"Common Stock, $0.001 par value per share 34,393,658 shares"
OCAT is "trying" to place a secondary for 10 MILLION MORE shares (30% more pure dilutive common shares) that will be added to that 35 million shares which will then bring the new O/S common share count to approx. 45 MILLION. And it says just that in the prelim prospectus.
Also, the "no debt" and "$7.x" million cash is nothing new, it's straight from the last 10-Q filing dated Nov 4th also, from page 3, the consolidated balance sheet and the common tabular accounting entries.
PAGE, most recent 10-Q, PAGE 3:
Cash and cash equivalents : 7,812,497
And yes, "technically" what is termed "debt" in an "accounting" sense has been paid off and it was also shown clearly in that same 10-Q, as there are no entries on the "debt line" for anything (debt from a 10-Q "accounting" stand point means no "loans" owed, no debt secured or un-secured. It does not mean though that one doesn't have expenses or bills it owes). Thus, their cash position is still pretty dire w/o continually tapping Lincoln as they had EXPENSES (which are not "debt") but short term expenses due such as "accounts payable" (usually due in 30 days, maybe 45 days max)
Accounts payable 2,183,564
Accrued expenses 1,907,858
They also have final legal "installment" payments/payoff to make under "accrued" I believe.
So right there, that $7.x million cash is getting paid-out to the tune of almost $4 million any day here, bringing it down to about $3 million left, unless they hit Lincoln for more. $3 million for a company with this burn rate is about a month's worth of cash, and barely keeps the doors open, let alone even puts ink on the paperwork for a serious phase II. So they're cash is low.
All this 8-K filing was IMO, was a fancy way of stating, "WE DID NOT MAKE IT ON THE NASDAQ in 2014, but here's a bunch of fancy color slides to read, just to find the one or two lines sayings we din't make the NASDAQ yet, thus no secondary priced or placed yet and we're "working with" the NASDAQ". That's it in a nut shell IMO. A fancy, convoluted 8-K to explain a mess of a week in which they are still OTC traded and never made the NASDAQ despite all the erroneous quotes and screen shots saying so, etc.
There is no SEC requirement to upload color power point slides or anything? The SEC could care less. The "material event" in that entire 8-K (which is what an 8-K filing is for, a "material event") is WE ARE NOT ON THE NASDAQ in 2014 despite a messed up trading week in which we were quoted on screens (and their own corp website) as being NASDAQ listed.
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