Looks like end of Q1 (3/31) is do or die... "We
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Posted On: 02/08/2019 5:12:52 PM
Looks like end of Q1 (3/31) is do or die...
"We have identified conditions and events that raise substantial doubt about our ability to continue as a going concern. At December 31, 2018, the Company’s cash amounted to $0.7 million and current liabilities amounted to $8.0 million, of which $6.7 million were payables to related parties with no immediate payment terms. The Company is a development stage pharmaceutical company that has no sales as it does not have any products in the market and will continue to not have any revenues until it begins to market its products after it has obtained the necessary FDA approval. As a result, the Company expects to continue to incur losses over the next 12 months from the date of this filing. Accordingly, the Company’s planned operations, including total budgeted expenditures of approximately $13.5 million for the next twelve months, raise doubt about its ability to continue as a going concern. If we are not able to continue as a going concern, it is likely that holders of our common stock will lose all of their investment. Our condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
To continue as a going concern, we must secure additional funding to support our current operating plan in the fiscal quarter ended March 31, 2019. The Company expects to seek to obtain additional funding through business development activities (i.e. licensing and partnerships) and future equity issuances. There can be no assurance as to the availability or terms upon which such financing and capital might be available."
"We have identified conditions and events that raise substantial doubt about our ability to continue as a going concern. At December 31, 2018, the Company’s cash amounted to $0.7 million and current liabilities amounted to $8.0 million, of which $6.7 million were payables to related parties with no immediate payment terms. The Company is a development stage pharmaceutical company that has no sales as it does not have any products in the market and will continue to not have any revenues until it begins to market its products after it has obtained the necessary FDA approval. As a result, the Company expects to continue to incur losses over the next 12 months from the date of this filing. Accordingly, the Company’s planned operations, including total budgeted expenditures of approximately $13.5 million for the next twelve months, raise doubt about its ability to continue as a going concern. If we are not able to continue as a going concern, it is likely that holders of our common stock will lose all of their investment. Our condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
To continue as a going concern, we must secure additional funding to support our current operating plan in the fiscal quarter ended March 31, 2019. The Company expects to seek to obtain additional funding through business development activities (i.e. licensing and partnerships) and future equity issuances. There can be no assurance as to the availability or terms upon which such financing and capital might be available."
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