Advanced Medical Isotope Corp. (OTCMKTS:ADMD) which is active in the segment of brachytherapy devices for therapeutic use released an update on its operations and future plans. The new measures seek to simplify company’s capital structure and remove toxicities from balance sheet.
Advanced Medical announced in November and December about an error related to the conversion of convertible debts and also for exercise of warrants. As per the company, there was an error in the calculation of ADMD common shares that have been issued as conversion of convertible debts and for warrants. Due to the error surplus shares were released by the company. The miscalculations happened due to the conversion and exercise done below the defined price of $0.001 per share. As a result, the transfer agent released more than required freely tradable common shares.
Advanced Medical reported the problem of excess issuance to all the warrant and convertible debt holders involved in process. It is first major step taken to rectify the problem. It also designed and presented a set of solutions to help compliance with the State and other fed securities laws. As the proposed solution, the remaining debt or warrants can be settled in exchange of excess shares or they can be returned to transfer agent to meet proper considerations.
Advanced Medical Isotope Corp. (OTCMKTS:ADMD) said that after the remedial actions are initiated, the changes will reflect in the books. It will certainly reduce a large part of convertible debt almost amounting to $800,000 and a significant portion of outstanding warrants from balance sheet. The changes will reflect in 2Q of 10-Q filing.
In last trading session, the stock price of Advanced Medical consolidated and closed flat at $0.00460. The traded share volume for the day was 30.47 million compared to average share volume of 53.27 million. The market cap stands at 8.47 million.