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Posted On: 12/28/2019 4:38:42 PM
Post# of 36566
Hi Buildit
You are right about the net tangible asset at the time of the 10Q, which is 10/31/2019...but if you look at the subsequent events listed on the 10Q, about $1.23M of loans converted to stocks, so we can add $1.23M to net tangible assets which makes net tangible assets = negative $39.5M (negative 40.8MM + 1.23M or negative $39.5M)...but part of the negative $39.5M is made up of $6.32MM derivative liability from Veneto which will be wiped out because of Veneto violation...so, now GNBT's net tangible asset is approximately negative $33.2M....then you add the $40M S1 money...the net tangible asset is positive $7.8M...more than enough for uplisting.
Thanks!
You are right about the net tangible asset at the time of the 10Q, which is 10/31/2019...but if you look at the subsequent events listed on the 10Q, about $1.23M of loans converted to stocks, so we can add $1.23M to net tangible assets which makes net tangible assets = negative $39.5M (negative 40.8MM + 1.23M or negative $39.5M)...but part of the negative $39.5M is made up of $6.32MM derivative liability from Veneto which will be wiped out because of Veneto violation...so, now GNBT's net tangible asset is approximately negative $33.2M....then you add the $40M S1 money...the net tangible asset is positive $7.8M...more than enough for uplisting.
Thanks!
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