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Vaso Active Pharmaceutica (VAPH) Message Board

  • texman399 texman399 May 26, 2004 3:32 PM Flag

    When it rains it pours

    From a May 2004 SEC filing from our friends at Vasoactive explaing anticipated accounting/losses:

    "The Registrant anticipates that a significant change in the results of operations between the quarter ended March 31, 2003 and the quarter ended March 31, 2004 will be reflected by the earnings statements to be included in its 10-QSB for the quarter ended March 31, 2004.
    The Registrant reported a loss of $121,967 for the quarter ended March 31, 2003. It anticipates a loss of approximately $1.8 million for the quarter ended March 31, 2004. The difference is due to the Registrant�s larger operations, a reserve being established for litigation expenses and expenses associated with a private placement transaction completed on March 16, 2004.
    More specifically, during the quarter ended March 31, 2003, the Registrant had limited operations because it was a newly incorporated entity. For that quarter, it incurred approximately $88,000 in selling, general and administrative expenses. In the most recent quarter, selling, general and administrative expenses will equal approximately $1.5 million, including approximately $600,000 in investment commissions and fees incurred in connection with the March 16, 2004 closing of a private placement of the Registrant�s common stock, a $200,000 charge to establish a litigation reserve, approximately $110,000 in increased salary, approximately $100,000 in increased legal and professional fees, and increases in various other expense items commensurate with the scale up of business.
    In addition, the most recent quarter�s loss includes a charge of $100,000 in connection with option grants and $95,000 in research and development costs."
    Now if I read that correctly, they have a $600,000 charge for investment commissions on a private placement where they LATER returned all the money plus expenses?!! Ouch, this remains ugly.

    STILL short my friends and holding. The downside potential from here is about 95%, not too many others I can say that about.

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