Summary of news
1. We had $728,000 of debentures for which we were paying $85,000/year in interest. They have all been extinguished so the Company is debt free.
2. This is the first time since I have been with the Company we are debt free. It feels very energizing.
3. In addition we have taken in $833k due to warrant exercises in the last 4 weeks.
4. The ~4M shares we issued were free trading and have mostly been sold into the market already which is not surprising given we have traded 180M shares in the last 4 weeks.
5. We only have one person left with a significant number of $.15 warrants and the holder will exercise them to replace the shares already sold.
6. We have ~1.5M warrants that could be exercised into free trading shares at $.30 and we expect these to be exercised over the next 4 weeks and this would yield another ~$450k.
7. With the private placement ($3.36M) and warrants exercises we would have ~$4.6M to fund the roll out of the VMS-PLUS. This should be enough to get us to cash-flow positive.
Thanks of the continued support.