RE:RE:RE:RE:Offering Excerpt regarding receiving the Maximum amount that does say we are busy as ****, it would be nice if they could keep us informed, with the staff on hand they stated they were capable of 1000 tests per day capacity ( that was directly emailed from IR) so where are we at with the 9 new hires? Transparency is not their strong suit. Obviously this was leaked as the volume to showed and the 9% decline at one point.
It would be nice to receive some real numbers or a meaty PR prior to hitting the Market for more money. Create some value for the longtime holders.
LithLover wrote: They want to hire 12-24 more staff! That alone should tell us a lot
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Jonnyboy85 wrote: Definitely, they've also confirmed 9 hires specifically for covid 19 processing, see below
The Company has hired an
additional nine (9) full-time employees to assist with COVID-19 testing processes at the Richmond Laboratory.
Thisguyiscool wrote: nice, so they have at least 2.25million of cash in hand....
Jonnyboy85 wrote: The final amount raised in the Offering will determine the speed at which each of the Company’s business milestones may be achieved. Assuming the completion of the Maximum Offering, the Company intends to: (i) pay the salaries and benefits for current employees for one year (approximately $3,330,000 in costs, $2,250,000 of which is expected to be paid from existing cash on hand), (ii) hire twenty-four (24) additional full-time employees to enhance lab testing capabilities and sales (instead of twelve (12) full-time employees under the Minimum Offering scenario) to enhance lab testing capabilities and sales (approximately $2,670,000 in costs, $nil of which is expected to be paid from existing cash on hand); (iii) purchase equipment, testing reagents and consumable materials for COVID-19 testing and Aristotle® development and sale (approximately $1,900,000 in costs, $nil of which is expected to be paid from existing cash on hand); (iv) pay for corporate marketing expenses for current products including COVID-19 and Aristotle® testing (approximately $3,000,000 in costs, $nil of which is expected to be paid from existing cash on hand); and (v) expand the Richmond Laboratory by approximately 5,000 square feet (approximately $180,000 in costs, $nil of which is expected to be paid from existing cash on hand). In addition to these testing capability enhancements, the Company intends to use a portion of the net proceeds of the Offering for working capital and general corporate purposes.