From the filings that are current, Dr. Moro has been paying the loan back in cash. The terms of the loan have restrictions on the amount of stock that can be used for repayment based on the average volume 10 days prior to payment. I have checked and there has been no month where he would have been able to pay the note all in stock. Now the stock price is below the 48 cents level where he stated that he would not pay in stock.
I am sure Dr. Moro was anticipating Abbott taking RECAF into trials and the signing of Inverness significantly helping the stock price. None of that happened. He is now at the point where a third licensee needs to be signed and that one has to produce enough money to continue to support operations and continue to service debt. The stock price will indeed go up on the signing of the third licensee but Smithline will sell it right back down.
Smithline is involved in a lot of companies in addition to the positive ones he lists on his website. If you look at the others, a lot of them have stock prices that are falling rocks and you wonder how he ever makes any money. The answer is obviously in trading the stocks. Go to Edgar.com and do a search for richard smithline and you can find those companies for yourself.
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