Financials
in response to
by
posted on
May 18, 2021 09:18AM
While nothing new, they reinforce the poor financial situation and show the inventory comment as likely misinformation.
Key takeaways:
Cash at March 31st is $29k (subsequent to March 31st, RVX raised $8.6 million from Hepa and a Private placement which we all know about)
There is no inventory – if you want to call clinical supplies inventory, there is $5mill or so.
The accounts payable and other misc. short term payables total $8.5 mill. So, cash raised only would cover payables.
You read further into the statements and there is a note that says
In July 2020, the Company entered into an agreement with a supplier to settle amounts owing by the Company, whereby the Company agreed to pay a reduced amount in three instalments of $200,000, $550,000 and $550,000 on August 1, 2020, September 1, 2020 and October 1, 2020 respectively. The Company paid the August 1, 2020 instalment and, subsequent to March 31, 2021 the Company paid an additional $400,000, but has not yet paid the remaining balance of $700,000. Until the Company pays the remaining $700,000, thereby satisfying its obligations pursuant to the agreement, it is possible that the supplier could assert that the Company is in default and could pursue any remedies that may be available to them.
RVX has likely used some of the $8.6 raised to cover this liability, but it just reflects the dire financial straits that is RVX.
One can saw, JJ, what is new, RVX is always hand to mouth. I say it feels like the hand has had a couple fingers bitten off and the company rather than an on the edge of a scientific breakthrough seems like a biotech started in the basement.