Each one in plain English, with the numbers worked through for a shareholder.
3 Feb 2017capital raising announcement● Neutral
On Jan 31, 2017 Zenosense again moved back its MIDS Medical payments (total still $650,000) to $130,000 by Mar 15, $152,500 by Apr 15 and $75,000 by May 15, 2017, saying there is currently a surplus of development cash and no immediate need for funding; MML also filed a patent application on Jan 18, 2017 for a new 'Magnetic Bridge' detection method. The senior-note holder's optional loans were cut to $160,000, $170,000 and $90,000 on matching dates, after $170,000 had already been lent in Oct and Dec 2016. MML can call payments early on 14 days' notice. The 8-K attributes the surplus to the company, which the 8-K/A of Feb 6 corrects.
On Dec 6, 2016 Zenosense again rescheduled its MIDS Medical payments (same $650,000 total) because MML is exploring an enhancement to its cardiac device technology at minimal cost: $22,500 within 10 days, $152,500 by Jan 31, $130,000 by 'Feb 31' (as written) and $75,000 by Mar 31, 2017. It also changed the optional convertible loans from its senior-note holder to $30,000 (issued that day), $180,000, $140,000 and $100,000 through Mar 31, 2017; the holder had already lent $140,000 on Oct 27, 2016. Terms otherwise match the earlier loans, so further dilution is possible if they convert (inference).
On Sept 29, 2016 Zenosense pushed back its remaining MIDS Medical (UK joint venture) Phase 1 payments, with the total now $650,000: $30,000 on Sept 30, $110,000 by Oct 30, $152,500 by Nov 30, 2016, $152,500 by Jan 30 and $75,000 by Mar 31, 2017. The investor from the June 2016 deal had not made the $180,000 first Commitment Loan due by Sept 20, so the company took a $60,000 10% convertible note from its senior-note holder instead, with an option for that holder to lend $140,000, $170,000, $180,000 and $100,000 more through Mar 31, 2017. If the holder lends, the June investor is not required (or allowed) to make its Commitment Loans; if not, that investor must lend $580,000 (down from $640,000) on dates to be agreed. Conversion is at $0.07 or a 15% discount to the 10-day average price, floor $0.035 (adjusted for the Aug 4, 2016 reverse split, which the filing says was completed), so existing shareholders face dilution if converted (inference).
9 June 2016capital raising announcement● NeutralMajor
On June 8, 2016 an investor bought 67,126,578 shares for $150,000 and committed to $640,000 of 10% unsecured convertible loans in four installments through March 2017, convertible at the lower of $0.01 or a 15% discount to the 10-day VWAP (floor $0.005). The company agreed to pursue a reverse split of up to 1-for-10, and plans to use the money to take part in a third-party cardiac diagnostic device project (terms drafted, not guaranteed) alongside its lung cancer and MRSA work. The holder of the existing Senior Notes approved the deal but kept a right of first refusal on the loans.
After a gap in the filings reviewed here, Zenosense issued a $40,000 convertible note (5% interest, due April 19, 2018) to an investor in April 2016. It becomes convertible from September 20, 2016 at $0.001 per share, with 40,000,000 shares reserved, and the investor gets a right of first refusal on future equity financing. The conversion price is far below the earlier $0.40 and $0.40-range share prices, which is dilutive for existing holders (inference).
Zenosense agreed to sell 1,370,000 shares for $274,000 to an accredited investor, with 357,000 shares ($71,500) bought July 28, 2014 and three further installments of 337,500 shares ($67,500 each) due August to October. The investor also converted a $13,100 payable into 65,500 shares.
Zenosense signed a stock purchase agreement with an accredited investor: $25,000 for 55,556 shares now, plus a commitment of $450,000 for 900,000 more shares in four tranches, conditional on the stage-one MRSA/SA prototype goal and keeping its OTC listing. About 85% of the later payments are to go to stage-two development; the company says it has provided over $520,000 of development funding to its partner since December 2013.
