Joe really needs to give the responsibility of putting together deals to someone that knows better. I see 1M shares of antigen as a commitment fee. If we go public, does that mean they have the 1M shares which could be worth $4M on a $1.1M loan? That sucks if true.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.