RE:RE:RE:RE:Financials Are Out on Sedar!!! Thanks Cap for catching the Sedar releases...
And also the others who in hindsight actually brought in "tangible" information to the table over time and these past few days.
The main document:
https://www.sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00008553&issuerType=03&projectNo=02956084&docId=4579097
FDA will take a long while longer it seems. Then nothing is guaranteed and they will need to get additional funding to move forward (which we expected) ..."if" that happens, basically it will continue to dilute everyone big time once again ...but everything is uncertain.
Tons of shenanigans of all sorts... CRV Global, house/office thing (which we had picked up here on the board), failure to fulfill their roles by some so-called big shoes, etc...
Then: Resignation of Directors and OfficersOn May 6th, 2019, James D’Orta, M.D., resigned from our Board of Directors effectively immediately and directors Wayne Hellman and Joel Kanter and officers Tom Harris, Chief Financial Officer and Marc S. Lubow, Executive Vice President tendered their resignations from their respective positions with CVR Medical effective August 20th, 2019 due to substantial disagreements with the CEO.
So I did not dream what I saw on Mark's LinkedIn a couple of days ago ...and the rapid subsequent change to Mark's profile seems to validate that perhaps some people in there do read what is going on here!... And they probably do so pretty frequently because it was changed quite rapidly after I reported it here.
Upon checking again now, he did change his LinkedIn back again to " - August 2019" as an end date with the company now that the documents are out (he seemed to be quite quick to do so!) ...what terrible lack of professionalism and integrity!!! Couldn't even wait until this was out in the first place... And we don't even know the exact details of your "resignation" Mark even though we can have our idea and we for sure know you certainly did not fulfill your role or we wouldn't be here... I can't believe the "resignation" was even made an "option" for you to save face after failing to fulfill your role with integrity and professionalism.
Then again, just like before the CTO, it does appear many people were made aware of all this information before it was made public today ...which explained the heavy trading before the CTO back a few months ago, and then again heavy trading on the OTC in the last few days.
Also, there were many major events (some FDA-related...) for which no official information was ever released publicly in recent weeks and months - unacceptable for a publicly-traded company.
"Subsequent to the meeting with the FDA, representatives from our contractor CVR Global on our behalf revised the Clinical Implementation Plan and corresponding protocol in deploying new devices across CVR’s expanded clinical trial footprint. By placing new devices in four “Centers of Excellence”; Thomas Jefferson University Hospital, Cleveland Clinic, Mayo Clinic, and Wake Forrest Baptist Health, our Contractor CVR Global intends to capture the required clinical substantiation (Est. ~240 Patients) as quickly and efficiently as possible. Final analysis of the updated clinical study will be conducted by an independent third party, as required for evaluation by the FDA. Once the necessary clinical data is acquired CVR Global on our behalf will resubmit the De Novo Application to the FDA for US market approval of the CSS. The exact impact on the overall timeline to market approval, and subsequent sales, is still underdetermined. By leveraging the larger clinical footprint, along with the knowledge gained from our meetings with the FDA, our confidence that, upon the company successfully raising the required working capital necessary to complete the new clinical trials and other developmental work, we could re-submit the De Novo application late in Q4/2019 with a possible market launch in 2H/2020."
Will "trade" again, but between funding, FDA and rebuilding, lots of headwind ahead ..."if"...
Tom Harris who was supposed to be big shoes (Time Warner ...what a scam!) seems like a total fail...
Dallas Hack now CFO.... Looking at his curriculum, seems like he was the only person with a semblant of integrity.
Page 9 of that document is painful ...and again, I find it unacceptable that some of this information must have leaked before it was made public judging by the trading that took place on the OTC at varying moments.
Would even be curious to know who is behind the trading and what links they might have to all these people!?...
Classic lack of integrity...
P.15 re. property smells fishy from a mile away... and also associates Peter (who is still in place) to it... Improvements to the property for corporate needs? ...what, they built a new dock for the boat? $57K "maintenance"?... And now have an option to buy it in November?... Don't like the sound of the wordage/corporate gibberish in the release here...
Now, they know enough influential people with money to spare that they will probably manage to find funding, but whoever will want to invest will have the upper hand of getting a sweet deal with all those shenanigans/shady past ...and dilute the hell out of retail investors like everyone here... They'll manage to leverage $2-3M or something, but probably for a ridiculous percentage of the company and stupid long and cheap warrants?
Also still not clear what happened on this first go-around with the FDA. No details are provided and it is kept very generic in essence - would have been good to provide some information on this if you're to expose all the problems.
Speaking of, the timing to post it on Sedar on a Friday night before the weekend and not make it an official release over the PR outlets seems quite convenient...though I guess as a shareholder I should probably "appreciate" this...
Also wondering, what happens should CVR Med disappear, does CVR Global pick up the rights to the CSS and everything else based on the fingers it still has in this?...
And all those people who "resigned", who recruted them and brought them onboard?... Exactly...
Sorry for the venting vs actually bringing much good to the discussion table here... Maybe some of you will have interesting inputs on some of those elements and questions.
I guess only good news for now is that it will trade again ...and we'll have to see "who" thing bring on the board this time, how much and at what cost they get funding ...and how quickly they will get this FDA thing going ...but moreso, what sort of market "acceptability" this gets upon opening of markets on Monday...