Even before you have pointed GLIF, i have stumbled upon it had done a brief check and decided it was not for me.
I dived into the issue again and these are my findings:
1/No long history, and a dubious past of shell mergers which may not be too bad by itself, but not the best of signs,
Formerly=Grant Silver, Inc. until 9-97 Formerly=Brewserv Corp. until 2-02 Note=7-01 State of Incorporation Idaho changed to Nevada Formerly=Grant Ventures, Inc. until 11-04
2/Companies with 2 sets of stock is not a good sign.
COMMON STOCK
The Company is authorized to issue 150,000,000 shares of common stock with $0.001 par value per share. As of June 30, 2005 and December 31, 2004, the Company has 58,189,113 and 56,243,791 shares of common stock issued and outstanding, respectively. The Company is authorized to issue 20,000,000 shares of preferred stock with $0.001 par value per share. No shares of preferred stock have been issued to date.
In July 2004, an per the Agreement and Plan of Merger with Impact Diagnostics, Inc. all previously outstanding 35,060,720 shares of common stock owned by the Impact’s stockholders were exchanged for the same number of shares of the Company’s common stock. The value of the stock that was issued was the historical cost of the Company’s net tangible assets, which did not differ materially from their fair value.
In connection with the Merger, on July 5, 2004, the board of directors of Impact Diagnostics, Inc. approved a stock split of 3.58 shares to 1. As a result of the split, the outstanding common stock of Impact Diagnostics, Inc. increased from 9,793,497 to 35,060,720 shares. Pursuant to the Merger Agreement, each share of Impact Diagnostics common stock was exchanged for one share of Grant Life Sciences common stock. All numbers, in the financial statements and notes to the financial statements have been adjusted to reflect the stock split for all periods presented.
On September 20, 2004, the Company’s Board of Directors approved a change in the Company’s name to Grant Life Sciences, Inc. The accompanying financial statements have been changed to reflect the change as if it had happened at the beginning of the periods presented. Stockholders approved this change effective November 12, 2004.
In March and April of 2004, the Company issued 238,660 shares of common stock for cash at $0.0838 per share for $20,000.
In June 2004, the Company issued 500,000 shares of common stock in exchange for services valued at $40,000 to consultants. The stock issued was valued at $.08 per share, which represents the fair value of the stock issued, which did not differ materially from the value of the services rendered.
On August 19, 2004, the Company completed a private placement of 9,560,596 shares to accredited investors at a price of $0.1835 per share. As an additional enticement to purchase the shares, one 5-year warrant to purchase stock at $0.1835 was issued for each 5 shares of stock purchased. The private placement resulted in net proceeds to the company of approximately $1,494,937. The Company also issued warrants to purchase 2,670,000 shares at an exercise price of $0.01 per warrant and warrants to purchase 411,104 shares at an exercise price of $0.185 per warrant to its placement agent in connection with the Merger and private placement. The Company has accrued liquidated damages due to these investors totaling $90,058 through, because the Registration Statement, on SEC form SB2, was not declared effective by the SEC within the time frame specified in the Registration Rights Agreement associated with this private placement. The Registration Statement was declared effective in July 2005.
3/I do not see how they can find markets to their products.
Plan of Operations
We expect to acquire laboratory assets to augment our clinical research and development efforts. As part of this effort, we plan to develop a laboratory facility. We are subleasing our office space in Raleigh, North Carolina until the lease runs out in September 2005. We are also subleasing a portion of our office in Utah.
In addition to 3 Officers, the Company currently has two employees and relies on a number of part-time scientific and business development consultants. During the next 12 months, we anticipate that we will add employees, including scientists and other professionals in the research and development, product development, business development, regulatory, manufacturing, marketing and clinical studies areas.
During the next 12 months, we plan to complete the development of our cervical cancer screening tests. We intend to continue to validate the effectiveness of the processes that we currently use in the tests we are developing through trials which will be conducted for us by Allogen Laboratories, a subsidiary of the Cleveland Clinic. In the near term, we plan to meet with regulatory agencies in the United States and in other countries to determine the clinical trials and studies we will have to undertake and the data and other information we will be required to submit to them to support our future applications for authority to market and sell our planned cervical cancer tests in those countries. We also plan to begin studies and clinical trials in the United States and other countries that will be required in connection with our regulatory applications.
We plan to invest any excess cash we have in investment grade interest bearing securities. We do not anticipate the acquisition of any material property, plant or equipment during the next 12 months, other than computer equipment and peripherals used in our day-to-day operations. We believe we have sufficient resources available to meet these acquisition needs. We do not anticipate investing in real estate or interests in real estate, real estate mortgages, or securities of or interests in persons primarily engaged in real estate activities. We do not intend to undertake investments in real estate as a part of our normal operations. We do not anticipate the disposition of any material property, plant or equipment during the next 12 months.
4/They have no money...Auditor’s Opinion Expressed Doubt About The Company’s Ability to Continue as a “Going Concern”
Liquidity and Capital Resources
As of June 30, 2005, we had total current assets of $443,142 and total current liabilities of $581,603. These current liabilities include $90,058 of accrued liquidated damages owed to investors who purchased shares in July and August of 2004, under the terms of the Registration Rights Agreement associated with this financing. The registration agreement covering the shares was filed on time, but was not effective by the due date. This form SB-2 Registration Statement was declared effective by the Securities and Exchange Commission on July 18, 2005.
Our cash flow deficit from operations was $726,422 during the six months ended June 30, 2005. Additionally we used $5,743 to acquire lab equipment during the period. On June 14, 2005, the Company made an agreement to sell $2,000,000 of convertible debt and issue warrants to buy 7,692,308 shares of our common stock. We sold an initial $700,000 of convertible debt and issued 2,692,307 warrants. Net proceeds after direct financing expenses were $675,000. The bridge loan for $200,000 made to the Company in March 2005 by DCOFI, currently a 5.6% owner of the Company, was paid off by the new financing.
In connection with the Merger, between July 30, 2004 and August 19, 2004, we sold 1,912,125 units in a private placement, at a purchase price of $0.9175 per unit ($0.1835 per share), resulting in gross proceeds to our company of $1,754,375, or $1,494,937 net after deduction of offering costs. Net proceeds after legal, accounting, printing and other fees was approximately $1,437,000. Each unit was comprised of five (5) shares (or 9,560,625 shares) of our common stock and a warrant to purchase one (1) share of our common stock at an exercise price of $0.1835 per share.
Our continuation as a going concern is dependent on our ability to generate sufficient cash flows to meet our obligations on a timely basis and to obtain additional financing as may be required.
Auditor’s Opinion Expressed Doubt About The Company’s Ability to Continue as a “Going Concern”
The independent auditors report on our December 31, 2004 financial statements included in the Company's Annual Report states that the Company's historical losses and the lack of revenues raise substantial doubts about the Company's ability to continue as a going concern, due to the Company's status as a development stage company and its lack of significant operations. If we are unable to develop our business, we have to discontinue operations or cease to exist, which would be detrimental to the value of the Company's common stock. We can make no assurances that our business operations will develop and provide us with significant cash to continue operations.
Grant Life Sciences Expects to Begin Generating Revenues from Sales of its Rapid Tests for Malaria and Dengue Fever Before Year's End Monday October 24, 9:45 am ET Products are now being manufactured and prepared for shipment to distribution channels that are already in place
5/even if they do, how much???? sounds like hype
MURRAY, Utah--(BUSINESS WIRE)--Oct. 24, 2005-- Grant Life Sciences (OTC Bulletin Board: GLIF - News) announced today that it expects to begin generating revenues this year, possibly within 30 days, on sales of its rapid tests for Malaria and Dengue Fever. These products, along with rapid tests for HIV-1 and HIV-2, were acquired earlier this year from AccuDx Corp., a biotechnology company based in La Jolla, Calif., founded by Ravi Pottahil, Ph.D., one of the world's leading authorities in the field of HIV/AIDS diagnostics and therapeutics. (Dr. Pottahil was the section manager for retroviruses and tumor markers and PCR diagnostics at Hoffman-La Roche from 1985 to 1992, when he co-founded Specialty BioSystems with Specialty Laboratories, one of the largest independent reference laboratories in California. Dr. Pottathil also was an advisor to the World Health Organization's Sexually Transmitted Diseases and Global Vaccination program.) ADVERTISEMENT
Under the agreement with AccuDx, Grant Life Sciences controls the exclusive rights to AccuDx's rapid tests, as well as AccuDx's proprietary colloidal gold reagent. In addition, the agreement established the right for Grant Life Sciences to manufacture these products in AccuDx's 'maquiladora'-modeled contract facility in Tijuana, Mexico, which is registered with the FDA and is ISO 9002-certified. Dr. Pottahil is assisting Grant Life Sciences in expanding its product line to include rapid tests for Hepatitis, Rubella, and other common diseases.
"We are very pleased to report that Grant Life Sciences has been successful in re-establishing the first of several distribution channels previously utilized by AccuDx," said Dr. Hun-Chi Lin, President and Chief Scientist at Grant Life Sciences. "Indeed, we expect to have a working marketing-and-sales mechanism in place prior to the approval necessary for us distribute our blood tests in all of the major foreign markets," added Dr. Lin. "While we are very excited by the opportunity to begin generating revenues soon, this situation also solidly positions Grant Life Sciences for the eventual manufacturing and distribution of our core product, the immunological serum-based test for detecting Cervical Cancer and its precursors," Dr. Lin concluded.
"Having our manufacturing operations in place and our distribution channels ready is the most significant milestone yet for Grant Life Sciences," said Stan Yakatan, Chairman of Grant Life Sciences. "Being able to generate revenues from our products in specialty diagnostic markets outside of the U.S. will provide us with some of the resources necessary to move us forward with the clinical validation of our core product, a rapid test for detecting cervical cancer."
The only good positive point i could find is GLIF is not a pink. It seems as its behaviour is as most Pinks though.
GLIF has no unique product, neither does it have the marketing abilities to sell their product. The wide coverage they enjoy is all paid for in shares, as they have almost no monies. These shares are a constant dilution, and is being hyped pumped and dumped.
I would not touch it with a 10 foot pole, and i recommend you exit at the first possible spike. I do not mind some calculated risk.This stock however, makes no sense, and even as a gamble it looks rotten.
Your chances of losing is by far greater than making some.
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