Eline Entertainment Group, Inc. (OTCMKTS:EEGI) has been fluctuating, since filing its quarterly report for the 1Q2016, on August 1. The company reported that it had $0 in cash, the same as the 1Q2015 and its assets had remained unchanged as well. However, EEGI’s total liabilities grew by almost $3 million, as compared to the 1Q2015.
As per the 1Q2016 financial statements, the company had no revenues, but its sales, general and administrative expenses declined by almost $18,000. Consequently, the net loss for the 1Q2016 also narrowed down by the same amount. However, during the quarter, Eline Entertainment was able to convince its chief debtor, Peachtree Capital, to forgive $280,000 of its convertible debt. As such, EEGI now owes a total of $24,324 in convertible debt, to its creditors. It should be noted here that all of these notes were in default.
Eline Entertainment had also filed a Form 8-K, on July 22, revealing that it had reached a settlement with V2IP Inc, to dismiss its stipulation against the company. The settlement had called for EEGI to issue securities for debt with V2IP, equivalent to $496,694. It should be noted here that as of March 31, 2016, EEGI already had a total of 1.06 billion shares afloat.
In its quarterly report, EEGI highlighted the fact that it had a negative working capital and no receivables or cash to meet the capital requirements. This raises severe doubts about the company’s ability to continue as a going concern.
Another reason for the confusion surrounding the stock is the fact that the company has not made a press release since February, when it had issued an update from its interim CEO, Emmanuel Gyamfi. The letter had indicated that the number of shares afloat would be reduced, but there has been no update on the matter so far.
Eline Entertainment Group, Inc. (OTCMKTS:EEGI) completed the August 11 trading session, with a loss of 13.33% to its share value, after a trade volume of 12.13 million. The stock closed at $0.0013 per share.
Pluristem Therapeutics Inc. (NASDAQ:PSTI) Rallies On PLX-PAD Positive Feedback
Pluristem Therapeutics Inc. (NASDAQ:PSTI) receiving two accelerated approval pathways has once again brought to light its credentials on the development of blockbuster drugs. The European Union and the US regulators have already provided a go-ahead for the use of PLX-PAD cells for the treatment of critical limb ischemia. If successful on clinical trials, the company should be able to flex its muscles in the multi-billion industry a move that should help create a new revenue base.
The company receiving an $8 million grant from Europe’s Horizon 2020 program all but affirms regulators strong belief that PLX-PAD cells has the potential to revolutionize the treatment of the unmet medical condition. With the grant, Pluristem will be able to carry out trials without having to spend much on the same
Pluristem Therapeutics Inc. (NASDAQ:PSTI) is to carry out trials in the US, Europe, and Japan, three markets where it should be able to reap big on the trials turning positive.