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Calmare Therapeutics Incorporated Message Board

succhiacazzo 10 posts  |  Last Activity: Nov 25, 2014 10:26 AM Member since: Apr 15, 2012
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  • Reply to

    Old only TWO in the US???

    by succhiacazzo Nov 24, 2014 6:28 PM succhiacazzo Nov 25, 2014 10:26 AM Flag

    Well, "oops"! That's what I get for trying to type while I'm busting a gut laughing! The title of my previous post should say "Sold only TWO in the US???"

  • by succhiacazzo Nov 24, 2014 6:28 PM Flag

    Actually, the 10-Q basically indicated that they sold only TWO devices in the US last quarter, which is actually a DECREASE from the previous quarter.

    And five "international sales" REALLY aren't very impressive. Why, I recall Aris Despo -- ex-VP at CTTC -- saying almost FOUR YEARS ago:

    "We just shipped 2 Calmare devices to our first clinic in Ireland. The physician, Dr. Ashan Idrees, trained in Rome with Giuseppe Marineo several months ago and we expect he will be operational within the next 30 days. We have 10 devices in Saudi Arabia, 3 devices shipping to Albania, a cancer clinic in India with one device and that doctor was trained by our trainers by skype and then he just received additional training 2 weeks ago with Dr. Jack D’Angelo on Staten Island. There are ongoing discussions with groups in Australia but it will take time complete the registration documents with the Health Ministry so I do not expect to have a functioning operation in AU until next summer (the earliest). I would not recommend Bangladesh because they have not sent anyone to Rome or the US for training, yet. There are a couple devices in Greece, and I believe a solo physician has one and doing rather well (at least that is what we have heard)."

    Gosh! That was FIFTEEN machines! In only around a MONTH!!! And MORE were expected once Australia got in gear with those "registration documents"!!!!!

    Of course, there WAS maybe a little issue of someone actually PAYING for the devices at some point. And Australia appears to have just LOST those "registration documents" altogether.

    Then again, these "international" deals can be complicated by social "protocol," and Conrad "slower than cold molasses" Mir isn't known as the most effective "communicator" on the planet.

  • by succhiacazzo Nov 23, 2014 10:09 PM Flag

    I wondered in a previous post about the reported "interest expense" of $574,840 reported for just the THREE MONTHS of last quarter! I wondered what kind of loan sharks they were dealing with!

    But then I came first to this part talking about the "notes," most of which are held by the COB:

    "These notes have been extended several times...Additional terms have been added to all Notes to include additional interest of 1% simple interest per month on all amounts outstanding for all Notes if extended beyond their original maturity dates and to provide the lender with a security interest in unencumbered inventory and intangible assets of the Company other than proceeds relating to the Calmare Device and accounts receivable."

    I discussed some of that in my previous post. Then came THIS:

    "Due to the Board’s February 10, 2014 decision authorizing Management to nullify certain actions taken by prior management, the additional terms noted above were not approved and therefore, the additional interest for the extension of the Notes was not recorded. During 2014, Management has been in negotiations to modify the terms of the Notes. However, until those negotiations are resolved, the Company has agreed to honor the additional terms and as such, the Company recorded additional interest of approximately $510,000 during the three months ended September 30, 2014."

    Hoo-boy! The CEO is trying to "lowball" the COB!!! Is that just too rich or what?! And evidently the COB so far is telling Conrad to "KMA" -- so to speak! This company is just too hilarious!! In any case, I suppose CTTC will continue to "honor" the additional terms" right up until the bankruptcy filing!

  • succhiacazzo Nov 22, 2014 11:40 PM Flag

    "...why is the stock price still the same?"??? Because anybody that has researched the company knows it is as crooked as a dog's hind leg and would stoop to ANY means to leach money from ANYONE! Consequently, anyone with an IQ greater than a turnip seed invariably runs away no matter WHAT news is reported.

  • Reply to

    Sales Double!!!

    by marketglenn Nov 22, 2014 8:23 AM succhiacazzo Nov 22, 2014 11:35 PM Flag

    "Anyone want to comment on where were going in the next year..."??? Smells like bankruptcy to me -- see the next few posts.

  • by succhiacazzo Nov 22, 2014 11:34 PM Flag

    Cash $500??? That's just embarrassing!

    Now up to 25 MILLION shares outstanding -- a FIFTY PER CENT increase in just one year! So what else is new, right?

    Interest expense $574,840! Blink, blink! Geez! Is that correct? Almost 600 GRAND in INTEREST EXPENSE for JUST the last quarter? What are they doing, borrowing money from the Mafia? I only glanced through and couldn't find any explanation of that number, but what good is it to sell 400,000 worth of devices when you're paying out 600,000 in just interest expense?

    "...$80,000 increase in bad debt expense."??? "Bad debt expense"??? As in they "LOANED" somebody the money to "buy" to buy the machines but never got paid? Gee, I guess the customer wasn't satisfied with his "miracle" pain killing machine -- probably didn't get the right "training," huh?

    Say what:

    During the quarter ended March 31, 2014, the Company did a private offering...of convertible notes and warrants, under which it issued $64,706 of convertible promissory notes for consideration of $55,000, the difference between the proceeds from the notes and principal amount consists of $9,706 of original issue discount.

    The notes are convertible at initial conversion prices ranging from $0.20 to $0.25 per share any time after issuance thereby having an embedded beneficial conversion feature. The note holders were also issued market-related warrants for 958,179 in shares of common stock. The warrants have exercise prices that range from $0.40 to $0.60 and a term of 2 years. The beneficial conversion feature, if any, and the warrants were recorded to additional paid-in-capital. The total debt discount is amortized over the life of the notes to interest expense."

    More later.

    Hoo-boy! And people complained about Southridge! Shell out 10 grand to borrow 55 grand and at the same time cover the lender's butt with a "beneficial conversion feature"! How do I get into this racket?

  • by succhiacazzo Nov 17, 2014 9:51 AM Flag


    Gosh, I can't imagine why -- being sued by the former sales manager, sued by their manufacturer, inventory tied up with liens, lost the opportunity to simply issue more stock to repay the 2.5 MILLION dollars CTTC owes its COB, disowned by the inventor, no longer authorized to sell or distribute calmares, CEO with the IQ of a lump of owl dung, etc, etc.

    Shucks! And I was so looking forward to having a good laugh next week!

    Oh,well! Now that they lost the Southridge financing, at least they won't have to worry about the $1000 a day penalty for filing late! Then again, that probably means we won't see the 10-Q until sometime around Christmas! I bet it'll make just a lovely present!

  • by succhiacazzo Nov 14, 2014 10:52 AM Flag

    New SEC filing today:

    "Pursuant to Rule 477 under the Securities Act of 1933 (the “Act”), Calmare Therapeutics Incorporated (the “Company”) requests the withdrawal of the Company’s Registration Statement on Form S-1 originally filed on July 22, 2013, File No. 333-190069 (the “S-1 Registration Statement”). The Company has elected to withdraw the S-1 Registration Statement because it does not want to pursue an offering at this time. No sales of the Company’s common stock have been or will be made pursuant to the S-1 Registration Statement."

    The registration statement referred to was part of the deal with Southridge Partners that CTTC boasted had "the potential to eliminate about $2 million of our financial obligations to existing creditors." And it comes just TWO DAYS after GEOMC announced they were suing CTTC for the over FOUR MILLION dollars CTTC owes them?

    Anyone interested in starting a pool on the bankruptcy filing date?

  • by succhiacazzo Nov 13, 2014 12:54 PM Flag

    ...enjoins CTTC from selling any more calmares? It COULD happen if GEOMC demands it in their lawsuit. Also consider it's probably not a very effective sales point to have your manufacturer suing you for failure to pay the over FOUR MILLION dollars you owe! Is this the final countdown?

  • by succhiacazzo Nov 13, 2014 12:10 PM Flag

    Looks like GEOMC finally gave up hope of ever getting the over 4 MILLION dollars owed them by CTTC the past four plus YEARS -- per the 8-K filed yesterday:

    "On August 22, 2014, GEOMC Co., Ltd. (“GEOMC”) filed a complaint against Calmare Therapeutics Incorporated, (f/k/a Competitive Technologies, Inc.) (the “Company”), in the United States District Court for the District of Connecticut (3:14-cv-01222-RNC). The complaint alleges that the Company and GEOMC entered into a security agreement whereby in exchange for GEOMC’s sale and delivery of the Scrambler Therapy devices (the “Devices”), the Company would grant GEOMC a security interest in the Devices. Among other allegations, GEOMC claims that the Company has failed to comply with the terms of the security agreement and seeks an order to the Court to replevy the Devices or collect damages. The Company believes it has meritorious defenses to the allegations and the Company intends to vigorously defend against the litigation."

    And the they were notified of the lawsuit TWO MONTHS ago but didn't mention ONE WORD about it ANYWHERE until today! I guess the one good thing about being essentially BANKRUPT is that you don't attract the attention of shareholder rights lawyers!!

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