Quote:Concurrently, we will also be seeking shareholder approval via a consent solicitation (the “Consent Solicitation”) for the filing of an amendment to our Articles of Incorporation (the “Certificate of Amendment”)......This will give us the ability to, among other things, raise additional capital so that we can continue to fund our operations and fulfill certain obligations that we have to investors.
No idea if they are referring to Pasaca, or any loan agreements that are outstanding. There is no mention of Innova/Pasaca anywhere.
Quote:We have recently made significant reductions to our staff and our overhead. We have narrowed the company’s development and commercialization focus to only those technologies/products that we believe can achieve near-term commercial success or have a clear line of site to a commercial strategic partner.
What I see here is a company in dire straits. With no revenues, they are doing everything they can to stay above water.
Quote:......We have expended considerable resources developing and marketing our HealthID product but have not yet achieved the anticipated success. Despite the substantial interest and verbal commitments, primarily from U.K.-centric companies, the wide-ranging extended shut down in the U.K. interfered with our ability to get the product adopted. Although we still believe QMC HealthID has great potential, we also think it has much more synergy with our quantum dot point of care testing technologies. We will also be seeking out potential strategic partners as well as potential acquirers for this platform. As a result, this product will not be part of our immediate commercialization efforts.
This right here, shows that potential revenues that was speculated from Innova do not exist/have not occurred. Sure, they "may" sell to Innova, but from how I personally read this update, the partnership between Pasaca/Innova is either in trouble, or no longer in effect, especially since Health ID is not part of their immediate plan. If the partnership with Innova were alive and well, there would be NO REASON to shelve QMC HealthID.
Quote:Although we believe that we have many promising opportunities under development, our ability to continue as a going concern is dependent upon our ability to reverse negative operating trends, obtain revenue from operations, raise additional capital, and/or obtain debt financing. We are continuing our plan to further grow and expand operations and seek sources of capital to pay our contractual obligations as they come due. Management believes that its current operating strategy will provide the opportunity for us to continue as a going concern as long as we are able to obtain additional financing; however, there is no assurance this will occur. If adequate working capital is not available, we may be forced to curtail operations, which would cause you to lose your entire investment.
Self explanatory.
Drug brought up the positives, but quite frankly, I don't think they help in our current situation. We have been talking about the "what if's" and "the positives" for quite some time, only to end up revoked. If we do end up back on the market, I foresee massive dilution, no partnership, and a decrease in our investment. Now, I can be wrong in all of this, but this is what I personally think. We'll have to see what the Consent Solicitation shows.
I have 319,225 shares in this company, and I am starting to SERIOUSLY doubt whether or not I'll receive any net worth from them.
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My posts is of my opinion only. Please conduct your own Due Diligence; this is YOUR investment.
