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loanranger

09/13/18 11:01 PM

#240946 RE: kfcyahoo #240941

Do I think things are good? Are you serious?

The Company just issued a 96 page 10-K and I didn't learn much from it except:
The Company signed a piece of paper with an unidentified global pharmaceutical company that could end up being worth somewhere between zero and infinity in US Dollars.

If the Company hadn't signed the milestone agreement hours before the fiscal year ended the Balance Sheet that appears in the 10-K would have reported only about $400k in Cash. I'm guessing that that would have been the lowest Cash balance reported since the Dark Ages of the $2M CEO loan and they just couldn't let that be reported. Based on a well known banker/poster that would have been less than 2 weeks worth of cash at the current run rate.

The most meaningful update to the milestone elements is a statement to the effect that "it is unlikely that the Company will achieve any of the three milestones by September 30, 2018."

The Company sold $2M of shares in April/early May either in violation of the Aspire agreement in place at the time or by some other agreement that has never been reported. The 10-K reflects that issuance as if it was based on the 2017 agreement but it was priced at terms that were different than those in that agreement.

The Company says that their lease expires in 2 weeks or so and the 10-K that they say that in indicates via the future lease payments table that no new lease...or extension of the existing lease...has been signed.

"Do you think things are good?"
Based on the above it seems that things aren't so good, but that's for people to decide for themselves. Obviously there are things other than the above to take into consideration.