Will dilution end on 2/11/2018 ? One week to go...
“On February 11, 2016, the Company entered into a securities purchase agreement with GPB Debt Holdings II LLC for the issuance and sale on February 12, 2016 of $1.4375 million in aggregate principal amount of a senior secured convertible note for an aggregate purchase price of $1.15 million (a 20% original issue discount of $287,500) and a discount for debt issuance costs paid at closing of $121,000 for a total of $408,500. In addition, GPB received a warrant exercisable to purchase an aggregate of approximately 2,246 shares of the Company’s common stock. The Company allocated proceeds totaling $359,555 to the fair value of the warrants at issuance. This was recorded as an additional discount on the debt. The convertible note matures on the second anniversary of issuance and, in addition to the 20% original issue discount, accrues interest at a rate of 17% per year.”
It matures on the second anniversary, which is 2/11/2018.
It will have to be restructured/renegotiate or all notes converted by then. That’s how it reads to me. There’s more detail in the actual 10–Q, I just hope we get some great news before the next report so that it doesn’t matter how many were converted. Either way, they’re converting at the very lowest .017, which means only up from here. I don’t suspect the next couple of months to be dry of press releases. We are waiting on several updates, including but not limited to:
-$18 million Turkish deal
-$48 million China deal
-Undisclosed India distribution deal
-Commencement of the US FDA study
Per the CEO, China will be here next month, I expect a PR about that.
Finalization and receipt of first Turkish deal royalty payment hopefully this quarter, I also expect a PR about that.
Finally, once financing is secured, an update for the FDA study.
CEOs exact words were
“China is great. It has been a slow process up to this point due to red tape and 100% Chinese manufacturing requirements on the unit sent to them for approval. 3 people from China will be here next month”
He insinuated they will be here for good as if something is in the works to have a Chinese liaison state side.
Obviously he didn’t elaborate on approval at this point, but said several times that good news is coming and China was looking great.
JMO
“On February 11, 2016, the Company entered into a securities purchase agreement with GPB Debt Holdings II LLC for the issuance and sale on February 12, 2016 of $1.4375 million in aggregate principal amount of a senior secured convertible note for an aggregate purchase price of $1.15 million (a 20% original issue discount of $287,500) and a discount for debt issuance costs paid at closing of $121,000 for a total of $408,500. In addition, GPB received a warrant exercisable to purchase an aggregate of approximately 2,246 shares of the Company’s common stock. The Company allocated proceeds totaling $359,555 to the fair value of the warrants at issuance. This was recorded as an additional discount on the debt. The convertible note matures on the second anniversary of issuance and, in addition to the 20% original issue discount, accrues interest at a rate of 17% per year.”
It matures on the second anniversary, which is 2/11/2018.
It will have to be restructured/renegotiate or all notes converted by then. That’s how it reads to me. There’s more detail in the actual 10–Q, I just hope we get some great news before the next report so that it doesn’t matter how many were converted. Either way, they’re converting at the very lowest .017, which means only up from here. I don’t suspect the next couple of months to be dry of press releases. We are waiting on several updates, including but not limited to:
-$18 million Turkish deal
-$48 million China deal
-Undisclosed India distribution deal
-Commencement of the US FDA study
Per the CEO, China will be here next month, I expect a PR about that.
Finalization and receipt of first Turkish deal royalty payment hopefully this quarter, I also expect a PR about that.
Finally, once financing is secured, an update for the FDA study.
CEOs exact words were
“China is great. It has been a slow process up to this point due to red tape and 100% Chinese manufacturing requirements on the unit sent to them for approval. 3 people from China will be here next month”
He insinuated they will be here for good as if something is in the works to have a Chinese liaison state side.
Obviously he didn’t elaborate on approval at this point, but said several times that good news is coming and China was looking great.
JMO
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