RE:Enjoy the rid to 1 Dollar. No insider sold even at 9cTHis is what I found in the MD&A:
The Company maintains ownership of its V10 software technology (“V10”) and the license rights it holds to its clearinghouse software technology (“Clearinghouse”), as well as the rights to sell this technology anywhere in the world, excluding Canada. In accordance with the terms of the Asset Purchase Agreement with TELUS Health, these rights shall extinguish in the event that no bona fide arms length transaction for the rights of V10 or Clearinghouse has been consummated by March 31, 2018. The Company is restricted from competing in the United States until October 2018 as a result of agreements reached with the purchaser in connection with the sale of the Company’s US business, which occurred in October 2015.
The Company intends to monetize its residual assets, or in the alternative, seeking a transaction involving the sale of all of the Common Shares of the Company to a third party or other transactions that create shareholder value. The likelihood of such a transaction being completed is uncertain at this time.
The residual assets of the Company are comprised of: • the V10 and clearinghouse software technology, with restrictions for use in Canada and the United States as described above; • potential unutilized losses for tax purposes in Canada and the United States; • public company status; and, • residual cash and amounts receivable that will provide the Company additional liquidity, net of repayment of outstanding liabilities.
During the 2017 fiscal year, the Company retired all of its former secured debt and certain liabilities.
As at September 30, 2017, the Company has cash of $2,074,204, amounts receivable of $668,670, accounts payable and accrued liabilities of $2,398,059 with no debt.
During fiscal 2018, the Company expects that it will have no revenues and no significant fixed expenses, except for certain general and administrative expenses required to maintain the corporate status of the Company and monetize the value of its residual assets.
Current market conditions to raise capital given the Company’s historical cash consumption have made the likelihood of continued funding at favourable valuations very uncertain.