14 Feb 2011director interest notice● Neutral
Bio-AMD Inc. CFO, Treasury & Secretary Robert Galvin received a stock option grant for 2,000,000 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Nov 2010quarterly activities report● Neutral
Bio-AMD Inc. reported quarterly revenue of $0 for the period ended 2010-09-30.
30 July 2010quarterly activities report● Neutral
Bio-AMD Inc. reported quarterly revenue of $0 for the period ended 2010-06-30.
29 July 2010material agreement● Neutral
On July 23, 2010 the company paid £500,000 (about US$750,000) for preference shares in its subsidiary WDX, which on a sale, liquidation or listing pay three times the subscription price after loan repayment, and it consolidated its £600,000 of WDX loans. WDX also issued 14,061 incentive shares to four directors including CFO Robert Galvin, cutting the company's ownership from about 93% to about 77.54% (75% if the remaining 2,839 are issued). This continues the WDX investment, with the company's stake diluted for management incentives.
28 May 2010quarterly activities report● Neutral
Bio-AMD Inc. reported quarterly revenue of $0 for the period ended 2010-03-31.
28 May 2010quarterly activities report● Neutral
Bio-AMD Inc. reported quarterly revenue of $0 for the period ended 2010-03-31.
17 May 2010quarterly activities report● Neutral
Bio-AMD Inc. reported quarterly revenue of $0 for the period ended 2010-03-31.
11 Mar 2010asset acquisition disposition● Neutral
On March 8, 2010 the company lent another £150,000 (about US$224,055) to WDX and exercised call options for a nominal payment of about $500 for an extra 10% equity after WDX missed performance criteria in the May 2009 agreement. Its WDX stake rose to 93%, the maximum under the deal, and this was its final investment contemplated by the May 2009 agreement. This completes the WDX option thread opened in May 2009.
3 Mar 2010material agreement● NeutralMajor
On February 25, 2010 the company bought a 63% stake in Bio AMD Holdings Limited, a UK development-stage point-of-care diagnostics company, for £865,000 (about US$1.29 million). The other 37% is held equally by Dr. Nasser Djennati, Dr. Andrew Mitchell and Robert Galvin, who is also the company's CFO and director. The company expects its first product, a digital strip reader, to reach market in early to mid 2011 and positive cash flow by mid 2012, with no assurance. This is a new business direction alongside WDX; the filing does not address the biodiesel plans.
25 Jan 2010director interest notice● Neutral
Bio-AMD Inc. President David Spencer Miller bought 150,000 shares on the open market at $0.05.
21 Jan 2010director interest notice● Neutral
Bio-AMD Inc. President David Spencer Miller bought 53,000 shares on the open market at $0.04.
12 Jan 2010director interest notice● Neutral
Bio-AMD Inc. Chief Executive Officer Thomas Barr bought 100,000 shares on the open market at $0.03.
1 Dec 2009asset acquisition disposition● Neutral
On November 20, 2009 the company lent a further £150,000 (about US$249,840) to WDX Organisation Limited, raising its equity position in WDX from 68.33% to 75.66%. This continues the build-up of the WDX investment under the May 1, 2009 agreement.
18 Nov 2009financial restatement● Neutral
On November 16, 2009 the company said its financial statements for the quarter ended September 30, 2008 should no longer be relied on, because $1,494,710 of currency translation adjustments was wrongly charged to expense instead of being shown in other comprehensive income. Restated nine-month net loss is $2,981,185 versus $4,475,895 reported; there is no effect on cash. The filing says this is the only period affected and the error was made by prior management. This is a separate matter from the earlier 2006/2007 restatement thread.
16 Nov 2009late filing notice▼ Bad
Bio-AMD Inc. notified the SEC that its quarterly report would be filed late.
28 Oct 2009capital raising announcement● Neutral
Effective October 22, 2009 the company issued 10,100,000 warrants (seven-year, $0.07 exercise price) to management and a key employee, including 5,800,000 to Thomas Barr, 2,000,000 to Robert Galvin and 2,000,000 to David Miller. 5,200,000 vest over time through 2011, and 4,900,000 vest only if the average share price reaches $0.45 (half) or $1.00 (half) over twenty trading days by October 21, 2012; all vest on a change in control. If exercised, these would add shares and dilute existing holders.
13 Oct 2009material agreement▲ Good
On October 9, 2009 the company bought and retired 7,865,341 of its own shares for about $62,923 ($0.008 per share) from a trust holding shares beneficially owned by Gordon Ewart, a founding shareholder of Flex Fuels Energy Limited. The last market price was $0.05. This continues the May 2009 buyback of founders' shares, with the same stated aim of preserving share value and the same HMRC tax indemnity, and mutual releases were also signed with the seller.
14 Aug 2009late filing notice▼ Bad
Bio-AMD Inc. notified the SEC that its quarterly report would be filed late.
27 May 2009material agreement▲ Good
On May 21, 2009 the company agreed to buy back 16,989,136 of its own shares from Iestyn Morgan, Gillian Penton and Mark Paulson (founding shareholders of Flex Fuels Energy Limited, or a founder's wife) at $0.008 per share, about $135,913 in total, with closing set for June 5, 2009. The shares were to be retired, which reduces the shares outstanding. The price is a big discount to the last market price of $0.04, and the company says the aim is to preserve share value. It also agrees to cover certain UK capital gains tax claims from HMRC on the sellers.
15 May 2009late filing notice▼ Bad
Bio-AMD Inc. notified the SEC that its quarterly report would be filed late.
7 May 2009material agreement● NeutralMajor
On May 1, 2009 the company signed agreements with WDX Organisation Limited, a UK developer of currency-risk technology with no revenue so far. An initial loan of £150,000 gave the company 51% of WDX, and it has an option to lend up to £450,000 more for a total stake of up to 73%. This is a new direction away from the biodiesel business, and the filing does not say what happens to the biodiesel plans.
1 Apr 2009director interest notice● Neutral
Dave Miller became a Bio-AMD Inc. director and company insider (initial ownership filing).
31 Mar 2009late filing notice▼ Bad
Bio-AMD Inc. notified the SEC that its annual report would be filed late.
25 Mar 2009director interest notice● Neutral
Robert Galvin became a Bio-AMD Inc. Chief Financial Officer and company insider (initial ownership filing).
24 Mar 2009director interest notice● Neutral
John Nangle became a Bio-AMD Inc. President and company insider (initial ownership filing).
19 Mar 2009director interest notice● Neutral
James William Laird became a Bio-AMD Inc. company insider (initial ownership filing).
11 Mar 2009director interest notice● Neutral
Paul Gothard became a Bio-AMD Inc. company insider (initial ownership filing).
11 Mar 2009director interest notice● Neutral
Paul Gothard became a Bio-AMD Inc. Chief Financial Officer and company insider (initial ownership filing).
20 Jan 2009auditor change▼ BadMajor
On January 13, 2009 the company dismissed BDO Stoy Hayward and hired RBSM LLP for 2008. BDO's 2006 and 2007 reports carried a going-concern warning about meeting cash requirements. The filing also discloses that in October 2008 BDO wrote that board unrest could impair oversight and recommended an audit committee, which the board is now considering. Thomas Barr, who joined the board in 2006, signs as CEO.
14 Aug 2008late filing notice▼ Bad
Bio-AMD Inc. notified the SEC that its quarterly report would be filed late.