Worlds Inc (OTCMKTS:WDDD) has announced that it has retired all the convertible debt from its balance sheet and has also secured funding from selected shareholders. The CEO of Worlds, Thom Kidrin, stated that the move eliminates the dilutive uncertainty, which was being faced by the stock in recent sessions. He also disclosed that some of the company’s key shareholders were responsible for providing funds to clear the debt. Moreover, WDDD still has sufficient capital to finance operations, through its meeting with the USPTO.
Bungie Inc, had recently challenged the patent portfolio of Worlds, which is now subjected to an Inter Partes Review. As such, the company is due to present its oral arguments to the USPTO and the Patent Trial and Appeal Board. The final decision is expected to be announced before the year’s end. It should be noted here that this has also adversely affected the company, since its lawsuit against Blizzard Entertainment and Activision Publishing Inc has been put on hold.
Mr. Kidrin had also announced that defending its patents had proven to be quite costly, given the current patent law scenario. As such, the company was relying on investors who believed in the validity and strength of its patents. The next meeting with the PTAB and USPTO is scheduled to be held on August 17, 2016.
Earlier, Worlds had filed its quarterly report, for the period ended June 30, 2016. Once again the company had no revenues, but its net loss widened to $872,246 for the 1Q2016, from $586,053 during the 2Q2016. This was mainly due to a surge in general and administrative expense of WDDD. Moreover, the quarterly report also revealed that the company had used up almost $10,000 of its cash, over a period of 6-months. Furthermore, Worlds also revealed that it had issued a total of 34.17 million shares, during the first 6-months of 2016, which were mainly due to conversion of notes payable.
Worlds Inc (OTCMKTS:WDDD) moved up by 53.53%, during the August 11 trading session, on a trade volume of 4.59 million, to close at $0.0261 per share.
Lotus Bio-Technology Development Corp (OTCMKTS:LBTD) Betting Big On China’s Population For Growth
Lotus Bio-Technology Development Corp (OTCMKTS: LBTD) is the latest company to bet big on China’s population as a key driver of growth going forward. With the company carrying out most of its operation in China, the population should act as a reliable target market, given the exponential growth in demand for organic food.
Food safety concerns and calls for healthy eating habits has all but resulted in an increase in demand for organic food in the recent past. The multi-billion industry is growing at an impressive rate further presenting opportunities for growth that Lotus Biotechnology plans to take advantage of.
The biotech company focus at the moment is coming up with new products to address the growing demand for organic food . Lotus Bio-Technology Development Corp (OTCMKTS:LBTD) is also teaming up with other biotech companies as it looks to leverage their capabilities in coming up with new products as well as pursuing new opportunities abroad.