Uh...they just spent $360 BUCKS A FREAKING MONTH ON R&D, LOL!!
Maybe cause of that?
I mean, I read that 10-Q, and I can't even figure out what actual "business" they're actually in???? $360 a month research and development for a company supposedly developing "PRODUCTS FOR FDA APPROVAL", LOL REALLY???
NOPE, not a chance in H IMO. It's hard to know what they really even do if you ask me, other than print and issue paper, now sell assets, factor borrow for cash, operate a tiny clinic of which they only own 33% but it was an LLC set-up as a private owned corp by their own BOD member Comella, do some "training" courses and not much else I can see or find in their SEC filings? Owe, and issue the sh*t out of dilution shares (literally BILLIONS of shares issued in the past few years, w/ a 1-for-1000 REVERSES SPLIT in Nov of 2015) and now even screw-ball supposed "lease back" deals where they sell the customers too, along with the equipment, LOL !!
AGAIN, I DON'T EVEN KNOW OR "get it" what supposed freaking "business" they're really in, to me personally? THE VAST MAJORITY OF THEIR "costs" is to TWO INSIDERS "base pay" plus large "CASH BONUSES" issued as "RELATED PARTY NOTES OWED" then later paid back, whenever some cash appears to land on the books.
On TWO, TWO different recent years, they issued CEO Tomas a $500K CASH BONUS and Comella a $300K CASH BONUS OWED. That's $800K right there, on top of combined base salaries of about $692K + $342K = $1 MILLION plus annually, then add $800K to that, and you got $1.8 MILLION to just "THE TWO" being sucked out of a company that just ended with $600K cash left on their books.
Take their "net" after cost of sales, plus their lease, now their $20K a month lease-back payments plus approx $120K PER MONTH in salaries to just TWO PEOPLE and try and figure out why they just spent $360 a MONTH on "research and development" expense, LOL !! Oh, add in large LEGAL FEES, insurance and "other" SG&A and you got a nice "GOING CONCERN WARNING" as usual, and again, I can't even tell personally what the hell actual "business" they're really even in, anymore??
To me, they sure as hell are NOT in the "heart treatment bio-tech development" biz anymore, not on $360 a month R&D, LOL! NO way, NO how to me.
"NOTE 2 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS
The accompanying condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements during three months ended March 31, 2017, the Company incurred net losses of $2,472,107 and has a working capital deficit (current liabilities in excess of current assets) of $5,895,202. These factors among others may indicate that the Company will be unable to continue as a going concern for a reasonable period of time.
The Company’s primary source of operating funds in 2016 and 2017 has been from revenue generated from sales with additional cash proceeds from the sale of common stock and the issuance of convertible and other debt. The Company has experienced net losses and negative cash flows from operations since inception, but expects these conditions to improve in 2017 and beyond as it develops its business model. The Company has stockholders’ deficiencies at March 31, 2017 and requires additional financing to fund future operations.
The Company’s existence is dependent upon management’s ability to develop profitable operations, to obtain additional funding sources and realize revenues from the Asset Sale and Lease Agreement described herein. There can be no assurance that the Company’s financing efforts or revenues realized from the Asset Sale and Lease Agreement will result in profitable operations or the resolution of the Company’s liquidity problems. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern."
PAGE 34:
"At March 31, 2017, we had cash and cash equivalents totaling $619,109. However our working capital deficit as of such date was approximately $5.9 million. Our independent registered public accounting firm has issued its report dated March 15, 2017 in connection with the audit of our financial statements as of December 31, 2016 that included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concernand Note 2 of our unaudited financial statement for the quarter ended March 31, 2017 addresses the issue of our ability to continue as a going concern."
Their damn CURRENT LIABILITIES WENT UP, despite selling n dumping off their stem cell banking biz, aka one of their few actual "ASSETS" for a cash raise.
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