RXMD Must Read. Really looking forward to next conference call should be upcoming week of August 13th.
Tidbits from May 15th 1st Quarter Conference Call
https://smallcapvoice.com/blog/progressive-ca...y-history/
FINANCIALS
As we decrease the profitability and decrease margins, we have closely been monitoring the SG&A expenses to make sure we are lean as possible spending as little as possible.
We have a net loss mostly attributable to share based compensation and derivative liability otherwise we are net breakeven. Once the Chicago Ventures loan is completely paid off, we will realize some gain back on that derivative liability as you know that adjusts with the pricing of the stock. We will get some of that loss back.
We don’t plan on any more stock based compensation before end of year or take any more draws from Chicago Ventures. The amount received from Chicago Ventures was enough to cover TouchPointRX acquisition and PharmCo. We will be reevaluating our financial needs as we go through the year and look at other acquisition targets.
Going into our cash flow. This is a really brightspot for us as a company, that we have increased cash flow from operations. Pharmco has been doing exceptionally well at growing its revenue, growing its prescription counts, decreasing costs, paying down liabilities, having favorable terms with vendors. What that means is that we are not in position of needing any financing or funding to pay our bills. So we know as we move forward in the rest of the year that the financial stability of the company by itself is financially sound and we are able to capitalize on our ability to gain that cashflow and grow the company organically, and increase our customer base and delivery radius and expand our West Palm Beach location and Miami Dade county with the cash we have on hand.
LOOKING INTO THE FUTURE!
I am going to address this just briefly because I want to talk about it again after the question and answer section.
We are going to Execute on the TouchPointRX acquisition.
We are looking at continuing the uplift process, which means becoming fully reporting with the SEC, and then ultimately uplifting to NASDAQ. That is in the short term horizon. I put time periods of 12 – 18 months on the longest scale, but most likely we will be done far sooner than that and that will provide us pathways to further expand the company. I know that everyone is waiting very patiently for that to occur and that is a constant question that we get every call, is what is the date we will be fully reporting for SEC, I do not have a date, but the application process and the registration process is going to begin shortly and we expect that to be done within the next 12 months.
CMW Media
We recently engaged CMW Media, to do a couple of things, one is the IR piece, we want to standardize our messaging, increase our distribution, increase the visibility of our company, and get our story out to as many eyes as we can. We think by using CMW their media connections, their ability of them to look at our digital presence and our messaging to link all that up, to synchronize it and make it more effective for our everybody, shareholders, investors, and management and we think they will do a great job with that. Also going to help us on the PR side, our imaging, facebook, twitter, blogging, etc. so that we can reach as many patients as possible. The goals for that is to see improvement in our visibility, to see our story being told more nationally, story being told in more trade journals, all healthcare platforms, and see the public image of our company be expanded to more households and brokerage dealers in the like. We should be able to see a change and know whether it is working or not in the next 90 – 100 days.
CV Status
As you know we took down those funds when we were on pink sheets. Chicago Ventures took a tremendous risk on us, we went to a number of investor conferences, spoke to a number of broker dealers, a number of banks about other avenues of financing, and each one had the same issue that we were not fully SEC reporting and the timeline was too long at that point, because we anticipated we needed three years of audited financials, and at that time we didn’t have any. So CV had to hold for 12 months and took a tremendous amount of risk on us. We don’t expect to be using this facility in this way in the future. We have about 4 million shares to issue and then that note is done. At this time we don’t anticipate using them. If would need to work with them again, we would work on negotiating better terms for our shareholders. Negotiating to be more reflective of where we are now. UPDATE: This is down to 1.5 million shares left to issue.
ACQUISTIONS
We have long held the position while growing organically is phenomenal and we have been doing a great job of getting more and more patients to our one location, we know we have to grow through acquisition, we know that to expand this company and its model out to into the rest of Florida and the rest of the US we need to acquire more pharmacies, we need to acquire more healthcare institutions. Because we are experts in the field, so we are anticipating more acquisitions, and we hope to acquire another one this year. And we want to have another location in I4 corridor, but we can go anywhere in the US, we are looking for population dense areas and pharmacies that add intrinsic or strategic value or add to our diverse talent, add to our abilities. So we have a number of acquisition targets that we have identified, and we do expect to have more acquisitions in 2018 and especially 2019.
In order to expand, we know we will need more capital. So if we want new locations, new practices under the Progressive Name. How that will happen we are uncertain, could be bonds, notes, convertibles, bank loans, or straight equity, we don’t know yet how that will shape out. Some of that depends on becoming SEC reporting. As we progress through the rest of the year, and as our acquisition picture becomes clear. We will definitely be reporting to our shareholders and investors what it will take to move forward and what financing options are on the table. We know all our shareholders want to have an ability to voice an opinion on how we execute on these financing options so we want to make it as transparent process as possible.
SEC Reporting
As of today, we expect in our most conservative of estimates, that if the SEC wishes to have us report 3 years of audited financials that we would be able to accomplish that no later than March 31, 2019. We already have audited 2015 balance sheet and financial statements for 2016 and 2017. We are in the process now of identifying an SEC PCAOB firm that to begin the process so that it is quick is process. We are already in the process of identifying what the SEC will require. We expect within all reasonable measures that we will be providing no less than 3 years audited financials, no more than 4 which would include 2015 and that we would be able to execute that no later than March 31, 2019.
ENDING STATEMENT KABOOOOOOOM
CEO Ms. Mars at about the 46 minute mark of call, who is great by the way!
"I want to talk about the future, what our mission is. Why are we growing Pharmco, why are we growing Progressive Care. Because we are a healthservices company, because we believe we are needed. We are attempting to fill all gaps in a patient's healthcare. That is why we are here, that is why we are growing. TouchPointRX is just the first step in our expansion, we want to go as far as our will will take us. Doing over 20 million in South Florida. We are leading the thought on how healthcare should be. We will grow through acquisitions, and will become a leader in the healthcare space. I understand pessimism, I understand skeptism. But for anybody that doesn't believe you need to get out of our way, because bigger things have tried to take down Progressive Care. Nothing will stop us from becoming what we are destined to be. Nothing will stop us from becoming SEC reporting, nothing will stop us from uplisting to a higher National Exchange. Today is the beginning, and we are on the cusp of more. It doesn't matter what share price is today, the only thing is it won't be there much longer. We will make any investor proud!"
Tidbits from May 15th 1st Quarter Conference Call
https://smallcapvoice.com/blog/progressive-ca...y-history/
FINANCIALS
As we decrease the profitability and decrease margins, we have closely been monitoring the SG&A expenses to make sure we are lean as possible spending as little as possible.
We have a net loss mostly attributable to share based compensation and derivative liability otherwise we are net breakeven. Once the Chicago Ventures loan is completely paid off, we will realize some gain back on that derivative liability as you know that adjusts with the pricing of the stock. We will get some of that loss back.
We don’t plan on any more stock based compensation before end of year or take any more draws from Chicago Ventures. The amount received from Chicago Ventures was enough to cover TouchPointRX acquisition and PharmCo. We will be reevaluating our financial needs as we go through the year and look at other acquisition targets.
Going into our cash flow. This is a really brightspot for us as a company, that we have increased cash flow from operations. Pharmco has been doing exceptionally well at growing its revenue, growing its prescription counts, decreasing costs, paying down liabilities, having favorable terms with vendors. What that means is that we are not in position of needing any financing or funding to pay our bills. So we know as we move forward in the rest of the year that the financial stability of the company by itself is financially sound and we are able to capitalize on our ability to gain that cashflow and grow the company organically, and increase our customer base and delivery radius and expand our West Palm Beach location and Miami Dade county with the cash we have on hand.
LOOKING INTO THE FUTURE!
I am going to address this just briefly because I want to talk about it again after the question and answer section.
We are going to Execute on the TouchPointRX acquisition.
We are looking at continuing the uplift process, which means becoming fully reporting with the SEC, and then ultimately uplifting to NASDAQ. That is in the short term horizon. I put time periods of 12 – 18 months on the longest scale, but most likely we will be done far sooner than that and that will provide us pathways to further expand the company. I know that everyone is waiting very patiently for that to occur and that is a constant question that we get every call, is what is the date we will be fully reporting for SEC, I do not have a date, but the application process and the registration process is going to begin shortly and we expect that to be done within the next 12 months.
CMW Media
We recently engaged CMW Media, to do a couple of things, one is the IR piece, we want to standardize our messaging, increase our distribution, increase the visibility of our company, and get our story out to as many eyes as we can. We think by using CMW their media connections, their ability of them to look at our digital presence and our messaging to link all that up, to synchronize it and make it more effective for our everybody, shareholders, investors, and management and we think they will do a great job with that. Also going to help us on the PR side, our imaging, facebook, twitter, blogging, etc. so that we can reach as many patients as possible. The goals for that is to see improvement in our visibility, to see our story being told more nationally, story being told in more trade journals, all healthcare platforms, and see the public image of our company be expanded to more households and brokerage dealers in the like. We should be able to see a change and know whether it is working or not in the next 90 – 100 days.
CV Status
As you know we took down those funds when we were on pink sheets. Chicago Ventures took a tremendous risk on us, we went to a number of investor conferences, spoke to a number of broker dealers, a number of banks about other avenues of financing, and each one had the same issue that we were not fully SEC reporting and the timeline was too long at that point, because we anticipated we needed three years of audited financials, and at that time we didn’t have any. So CV had to hold for 12 months and took a tremendous amount of risk on us. We don’t expect to be using this facility in this way in the future. We have about 4 million shares to issue and then that note is done. At this time we don’t anticipate using them. If would need to work with them again, we would work on negotiating better terms for our shareholders. Negotiating to be more reflective of where we are now. UPDATE: This is down to 1.5 million shares left to issue.
ACQUISTIONS
We have long held the position while growing organically is phenomenal and we have been doing a great job of getting more and more patients to our one location, we know we have to grow through acquisition, we know that to expand this company and its model out to into the rest of Florida and the rest of the US we need to acquire more pharmacies, we need to acquire more healthcare institutions. Because we are experts in the field, so we are anticipating more acquisitions, and we hope to acquire another one this year. And we want to have another location in I4 corridor, but we can go anywhere in the US, we are looking for population dense areas and pharmacies that add intrinsic or strategic value or add to our diverse talent, add to our abilities. So we have a number of acquisition targets that we have identified, and we do expect to have more acquisitions in 2018 and especially 2019.
In order to expand, we know we will need more capital. So if we want new locations, new practices under the Progressive Name. How that will happen we are uncertain, could be bonds, notes, convertibles, bank loans, or straight equity, we don’t know yet how that will shape out. Some of that depends on becoming SEC reporting. As we progress through the rest of the year, and as our acquisition picture becomes clear. We will definitely be reporting to our shareholders and investors what it will take to move forward and what financing options are on the table. We know all our shareholders want to have an ability to voice an opinion on how we execute on these financing options so we want to make it as transparent process as possible.
SEC Reporting
As of today, we expect in our most conservative of estimates, that if the SEC wishes to have us report 3 years of audited financials that we would be able to accomplish that no later than March 31, 2019. We already have audited 2015 balance sheet and financial statements for 2016 and 2017. We are in the process now of identifying an SEC PCAOB firm that to begin the process so that it is quick is process. We are already in the process of identifying what the SEC will require. We expect within all reasonable measures that we will be providing no less than 3 years audited financials, no more than 4 which would include 2015 and that we would be able to execute that no later than March 31, 2019.
ENDING STATEMENT KABOOOOOOOM
CEO Ms. Mars at about the 46 minute mark of call, who is great by the way!
"I want to talk about the future, what our mission is. Why are we growing Pharmco, why are we growing Progressive Care. Because we are a healthservices company, because we believe we are needed. We are attempting to fill all gaps in a patient's healthcare. That is why we are here, that is why we are growing. TouchPointRX is just the first step in our expansion, we want to go as far as our will will take us. Doing over 20 million in South Florida. We are leading the thought on how healthcare should be. We will grow through acquisitions, and will become a leader in the healthcare space. I understand pessimism, I understand skeptism. But for anybody that doesn't believe you need to get out of our way, because bigger things have tried to take down Progressive Care. Nothing will stop us from becoming what we are destined to be. Nothing will stop us from becoming SEC reporting, nothing will stop us from uplisting to a higher National Exchange. Today is the beginning, and we are on the cusp of more. It doesn't matter what share price is today, the only thing is it won't be there much longer. We will make any investor proud!"
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