ALR TECHNOLOGIES INC. – 10-Q – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
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Forward Looking Statements
The following information must be read in conjunction with the unaudited Financial Statements and Notes thereto included in Item 1 of this Quarterly Report and the audited Consolidated Financial Statements and Notes thereto and Management's Discussion and Analysis or Plan of Operations contained in the Company's Annual Report on Form 10-K for the year ended
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of
Our financial statements are stated in
In this quarterly report, unless otherwise specified, all references to "common shares" refer to the common shares in our capital stock.
As used in this quarterly report, the terms "we", "us", "our", the "Company" and "ALRT" mean
Overview
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Recent Developments
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· Ms. Kan has been granted 20,000,000 stock options of the Company exercisable at$0.05 per share expiringNovember 29, 2015 . · A second modification of the terms of 10,000,000 stock options previously granted to Ms. Kan onMarch 7, 2010 and previously modifiedAugust 8, 2010 . The terms have been modified as follows: - Increased the number of stock options granted from 10,000,000 to 20,000,000 - Reduced the exercise price of the 20,000,000 stock options granted from$0.10 per share to$0.05 per share.
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· the exercise price of the option was reduced from$0.25 per share to$0.10 per share.
All 450,000 of these stock options have been exercised.
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The compensation expense related to the vesting of the unvested options was
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200,000 · Ms.Michelle Gillespie 100,000 · Ms.Jenifer Wagner 100,000 · Ms.Sarah Cox 100,000 · Mr.Glen Reyes 200,000
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250,000 · Mr.Kenneth Robulak 250,000 Description of Business
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The Company's Health-e-Connect (HeC) system is an internet based product initially intended for patients with diabetes and their health care providers to improve communication and monitoring of patients' health management programs. One aspect of the system is that HeC will incorporate data uploaded from patients' glucose meters into the ALRT database to quickly assess user adherence and performance compared to provider set targets, such as prescriptions and guidelines. This provides patients and caregivers the ability to track patient performance and adherence, thereby allowing timely intervention, which would consist of contact by the caregiver to patient. By providing this ongoing monitoring and feedback, the HeC system is expected to enhance outcomes of patients' health as measured by A1c and lower costs borne by the US health care system related to this chronic disease.
The HeC system has received United States FDA 510(k) clearance for sale. The Company is currently focusing its efforts on introducing and marketing its HeC system for patients and health care providers in
The Company's HeC System for diabetes management provides an affordable and easy to use tool to provide the communication network as recommended by the Committee. HeC includes a communications software platform that also enables health professionals to remotely monitor the health progress specifically relating to patients with diabetes. This facilitates more effective and timely communication of care to these patients.
The HeC system is compatible with the majority of glucose meters available for sale in
Since receiving
In the future, the Company may seek to adapt its HeC system to be used in the management of other chronic diseases. The Company would be required to obtain additional clearance from the
Critical Accounting Policies and Going Concern
Our discussion and analysis of our results of operations and liquidity and capital resources are based on our unaudited condensed consolidated financial statements for the nine months ended
The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. We base our estimates on historical and anticipated results, trends, and various other assumptions that we believe are reasonable under the circumstances, including assumptions as to future events. These estimates form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results may materially differ from our estimates.
The Company's condensed consolidated financial statements have been prepared on a going-concern basis, which presumes the realization of assets and the discharge of liabilities and commitments in the normal course of operations for the foreseeable future. See note 1 of the condensed consolidated financial statements.
Due to our being a development stage company and not having generated significant revenues, in the Notes to our financial statements, we have included disclosure regarding concerns about our ability to continue as a going concern.
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