Given the absence
of a public trading market
of our common stock, and in accordance with the American Institute
of Certified Public Accountants Accounting and Valuation Guide, Valuation
of Privately - Held Company Equity Securities Issued as Compensation, our board
of directors exercised reasonable judgment and considered numerous and subjective factors to determine the best estimate
of fair value
of our common stock, including independent third - party valuations
of our common stock; the prices at which we sold shares
of our convertible preferred stock to outside investors in arms - length transactions; the rights, preferences, and privileges
of our convertible preferred stock
relative to those
of our common stock; our operating results, financial position, and capital resources; current business conditions and projections; the
lack of marketability
of our common stock; the hiring
of key personnel and the experience
of our management; the introduction
of new products; our stage
of development and material risks related to our business; the fact that the option grants involve illiquid securities in a private company; the likelihood
of achieving a liquidity event, such as an initial public offering or a sale
of our company given the prevailing market conditions and the nature and history
of our business; industry trends and competitive environment; trends in consumer spending, including consumer confidence; and overall economic indicators, including gross domestic product, employment, inflation and interest rates, and the general economic outlook.
Although we agree that greater investments are needed in the clinical
development of these therapies, we disagree with the authors» suggestion that,
relative to embryonic stem cells, adult stem cells provide a superior vehicle for cell - based therapies because they
lack tumorigenic activity, can be prepared by methods approved by the Food and Drug Administration (FDA), and have been free
of ethical controversy.
You can have all the credentials that are humanly possible to accumulate
relative to degrees, certifications and professional
development hours but if you
lack faith in yourself and your ability to be great in your classroom, then all
of the credentials you accumulated are for naught.
A
relative lack of tourism in northern Cyprus has been a boon to turtle populations, which are threatened by
development and beach erosion, as well as predators, marine trash, and getting caught in fishing nets.