Bioheart, Inc. (OTC:BHRT) has been moving up progressively over the past couple of days. Yesterday, the stock gained 
another 22.22% on the market, while trading over 2.5 million shares for the day. Though, it doesn’t seem enough for Bioheart.
In order to secure the climb, BHRT was massively promoted yesterday by Penny Stock Picks for a total compensation of $20.000. The paying party remained unknown, however, the promoters alerted on the fast-track FDA approvals for Bioheart and the company’s revenue potential.
The alerts were based on the latest press release by BHRT for its clinical program using adipose cells for congestive heart failure patients. According to the announcement, the company will apply to the FDA to begin a Phase I study in the US. Though, until getting the approval, nothing can be guaranteed.
In the meantime, Bioheart keeps relying on promotions, just like the previous months. Last month, the stock made another effort to climb up however the campaign failed to pump up its price.
Apart from the promotions, something else about BHRT is worth mentioning. During the past month, there was high trading activity with the company’s shares of common stock. Certain members of Bioheart’s team have acquired impressive amount of the company’s shares with no particular explanation. Apparently, something is happening with BHRT, which is yet to be revealed. [BANNER]
At the same time, there is nothing optimistic in the company’s quarterly report. As of June 30 this year, the results show:
* $371,389 total assets
* $13,063,739 total liabilities
* $12,692,350 stockholders’ deficit
* $3,495 revenue
In addition to these numbers, during the six months ended June 30, 2011 Bioheart incurred net losses attributable to common shareholders of over $2 million and used approximately $704 thousands in cash for operating activities.
As a result of all the losses, the company’s financial statements have been prepared under the assumption that it will continue as a going concern. In case BHRT is not able to continue as a going concern, it is likely that holders of its common stock will lose all of their investment.
