i have a question for mmpjoe
I like what you have done reviving this company and most of your shareholders thank you for this impossible task that you have undertaken......but i do have to ask you this question.....was the below schedule of payments plausible before the creditor for that 750,000 claimed wrongly that you have defaulted on that said loan?
WHY DID YOU MAKE THIS SO DIFFICULT/IMPOSSIBLE TO ACHIEVE? These are really tough numbers to pay without a BIG financial commitment from lenders......
Olaregen
As of January 7, 2019, the Company completed a definitive Stock Purchase Agreement and related documents relating to the Company’s purchase of 3,282,632 newly issued shares of the Olaregen common stock representing 51% percent of the issued and outstanding capital stock of Olaregen for an aggregate $12,000,000.
In addition to $400,000 paid to Olaregen upon signing of the LOI, the purchase price for the Olaregen shares will consist of the following cash payments:
• $800,000 on or before January 15, 2019. The Company has paid this installment.
• $800,000 on or before January 31, 2019. As of the date this quarterly report was filed, the Company has paid $200,000 of this installment.
• $3,000,000 on or before February 28, 2019. As of the date this quarterly report was filed, the Company has not paid this installment.
• $1,000,000 on or before May 31, 2019.
• $6,000,000 on or before September 30, 2019.
Regentys
On January 7, 2019 the Company completed a definitive Stock Purchase Agreement and related documents relating to the Company’s purchase of 12,048,161 newly issued shares of the Regentys common stock representing 51% percent of the issued and outstanding capital stock of Regentys (“Regentys Shares”) for an aggregate of $15,000,000.
In addition to $400,000 paid to Regentys upon signing of the LOI, the purchase price for the Regentys shares consist of the following cash payments, with the proceeds intended to be used for specific purposes, as noted:
• $3,450,000 to initiate pre-clinical activities on or before January 15, 2018. As of the date this quarterly report was filed, the Company has paid $650,000 and the remaining balance of $2,800,000 is payable on or before April 1, 2019.
• $2,000,000 to initiate patient recruitment activities on or before May 1, 2019.
• $3,000,000 to initiate a first-in-human pilot study on or before September 1, 2019.
• $5,000,000 to initiate a human pivotal study on or before February 1, 2020.
• $1,150,000 to submit a 510(k) de novo submission to the FDA on or about February 1, 2021.
I like what you have done reviving this company and most of your shareholders thank you for this impossible task that you have undertaken......but i do have to ask you this question.....was the below schedule of payments plausible before the creditor for that 750,000 claimed wrongly that you have defaulted on that said loan?
WHY DID YOU MAKE THIS SO DIFFICULT/IMPOSSIBLE TO ACHIEVE? These are really tough numbers to pay without a BIG financial commitment from lenders......
Olaregen
As of January 7, 2019, the Company completed a definitive Stock Purchase Agreement and related documents relating to the Company’s purchase of 3,282,632 newly issued shares of the Olaregen common stock representing 51% percent of the issued and outstanding capital stock of Olaregen for an aggregate $12,000,000.
In addition to $400,000 paid to Olaregen upon signing of the LOI, the purchase price for the Olaregen shares will consist of the following cash payments:
• $800,000 on or before January 15, 2019. The Company has paid this installment.
• $800,000 on or before January 31, 2019. As of the date this quarterly report was filed, the Company has paid $200,000 of this installment.
• $3,000,000 on or before February 28, 2019. As of the date this quarterly report was filed, the Company has not paid this installment.
• $1,000,000 on or before May 31, 2019.
• $6,000,000 on or before September 30, 2019.
Regentys
On January 7, 2019 the Company completed a definitive Stock Purchase Agreement and related documents relating to the Company’s purchase of 12,048,161 newly issued shares of the Regentys common stock representing 51% percent of the issued and outstanding capital stock of Regentys (“Regentys Shares”) for an aggregate of $15,000,000.
In addition to $400,000 paid to Regentys upon signing of the LOI, the purchase price for the Regentys shares consist of the following cash payments, with the proceeds intended to be used for specific purposes, as noted:
• $3,450,000 to initiate pre-clinical activities on or before January 15, 2018. As of the date this quarterly report was filed, the Company has paid $650,000 and the remaining balance of $2,800,000 is payable on or before April 1, 2019.
• $2,000,000 to initiate patient recruitment activities on or before May 1, 2019.
• $3,000,000 to initiate a first-in-human pilot study on or before September 1, 2019.
• $5,000,000 to initiate a human pivotal study on or before February 1, 2020.
• $1,150,000 to submit a 510(k) de novo submission to the FDA on or about February 1, 2021.
