2018: ALREADY DILUTING FOR SURVIVAL CASH...grim....bad..
ADD IN HUGE LEGAL BILLS NOW TO DEFEND AGAINST and/or COMPLY WITH MULTIPLE FEDERAL GOVT INVESTIGATIONS...and it's all DOWN HILL FROM HERE IMO...circling the drain like a POWER FLUSH TOILET....AND...
THEIR LARGEST BANK LOAN...the SEASIDE BANK LOAN for $1 MILLION LARGE..it was only renewed for LESS THAN APPROX 4 SHORT MONTHS THIS TIME...not the usual one year the bank USED TO, PAST TENSE give um, as long as the "guarantors" (insiders, kept their personal assets pledged)...that to me SMELLS REAL BAD...
Seem like Seaside Bank may be getting ready to CALL THAT LOAN knowing this company may be circling the drain with FEDERAL INVESTIGATIONS AND ALL THE REST... I know what I'd personally do if I wanted to be sure I got paid back w/o the hassle of DEFAULT and going after the "Guarantors" and all the rest of this FUBAR mess.....
In the FIRST THREE MONTHS 2018..they're ALREADY STARTING TO HEAVILY DILUTE SHARES AGAIN to sand-bag and pad their cash line, AND they're using high interest, desperation "factoring" loans, aka PAY-DAY LOANS in order to sand bag their sagging cash line for survival:
PAGE F-33 (W/o these cash infusions, their cash line would be dangerously close to BK, and not even able to pay their accounts payable and other monthly bills such as $20K plus monthly payments to GACP, etc)
QUOTE:
"Common stock issuances
[color=red]In January 2018, the Company issued an aggregate of 7,077,783 shares of common stock for services rendered. In addition, from January through March 1, 2018, the Company sold an aggregate of 9,395,067 shares of its common stock for net proceeds of $253,000.[/color]
Financing
On January 2, 2018, the Company entered into a revenue based factoring agreement and received an aggregate of $140,000 (less origination fees of $2,800) in exchange for $187,600 of future receipts relating to monies collected from customers or other third party payors. Under the terms of the factoring agreement, the Company is required to make daily payments equal to $1,276 for 147 business days. The Company received net proceeds of $47,907 along with cancellation of the previous revenue based factoring agreement issued in September 12 2017. "
They're paying common bills (probably to insiders IMO) in common stock to the tune of 7 MILLION SHARES and then they already dumped 9.4 MILLION shares for a lousy $253K of survival cash...BACK ON THE DILUTION TRAIN for survival....it's grim....and NO ONE CAN SPIN THIS DOG CRAP..despite Tomas and his happy PR bull-sh$%t version PR's he issues...they are in dire financial condition....dire.....they borrowed $140K from the factoring loan company....again...more survival cash...else...THEY GO BK...in rapid fashion...or else can't pay themselves their fat salaries and bonuses...and legal fees and all the rest....BK...in short order...it's simple accounting.... BACK-OUT that cash ($500K from the ONE TIME GACP “deal” selling the only “asset” USRM had left and subtract-out that $253K and $140K, just those three “events” alone, and their cash line sags real, real BAD, REAL FAST), and their cash-on-hand is DESPERATELY LOW...AS ALWAYS....if Sunrise bank calls their loan...they'd be BK...let alone if/when they end up in court and need to DEFEND A SUIT FILED BY THE FDA (or SEC now)...which I'd expect can hit at any time now..it'll BREAK THEIR BANK...literally....
SEASIDE BANK LOAN, ONLY RENEWED UNTIL MAY 11th..ABOUT TWO SHORT WEEKS FROM TODAY....DANGER ZONE WILL ROGERS...WARNING....RED ALERT...IT WOULD BK UM more than likely as they DO NOT HAVE THE CASH to pay that loan back...
PAGE 23, JUST FILED SEC 10-K:
"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. On January 3, 2018, the Company renewed the loan with Seaside National Bank and Trust extends the maturity date to May 11, 2018, all other terms and conditions remain unchanged. 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 plans;
• 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."
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