And THERE'S THE DUMP- figured it was coming any day now. Said it before, when it languishes for weeks on low volume, high spread days, where the MM "tries" to hold it up, using mainly the wide spread, then it typically is setting up for one of these high vol sell-off dumps, IMO from observing it in the past.
Every time for the past month or more, the days it's "up" like 5% or 7% or whatever, it's been on very low volume and mainly using the spread. Then, it sells off back to the 50 DMA or so, on 2 or 3 times the volume of the "up" days. This goes on for like a month- and then, looking at like a 3 month chart, you'll see that about every 30 days or so, maybe a bit more, it dumps off hard on high volume, breaking even the 200 DMA. What we're seeing right now. Like clockwork.
I think somebody is still unloading a big holding- there's just so much low price share overhang from all the dilution IMO. Who knows how long it can take to unwind all those shares? Plus, they're still adding more dilution every month, every qtr, just read any of the recent 10-Q reports. And still using the likes of ASHER and similar for "financing" on-going, thus those shares typically get converted at some steep (45% to 47%) discount at some point.
It's about a 2.5 cent stock and the market cap is back at under $12 million, which is barely equal to their debt. Not much has changed for years, IMO. Just more dilution, lots and lots of dilution.
From the latest 10-Q filing, just some examples of how many shares they are issuing out each qtr (about 50 MILLION dilution between Q-1 2014 and Q-2, just a 3 month time frame)
Most recent 10-Q page 25: (bunch of shares handed out- dilution, about 10 MILLION shares just in these couple of lines of the 10-Q)
"Subsequent issuances
In July 2014, the Company issued an aggregate of 1,006,451 shares of its common stock for services provided.
In July 2014, the Company issued 155,677 shares of its common stock in settlement of accounts payable of $6,227.
In July 2014, the Company issued an aggregate of 6,985,495 shares of its common stock in settlement of related party notes payable, accrued interest and other obligations in aggregate of $279,419.
In July 2014, the Company issued an aggregate of 2,640,625 shares of its common stock in settlement of notes payable of $32,500."
And then, same 10-Q, PAGE 15, an "ASHER" type convertible note deal (toxic financing) w/ a new company called "Fourth Man", for $50K. That's how bad they need cash, they're doing these convertible notes for as little as $50K cash at a time. Page 15:
"Fourth Man, LLC
During the six months ended June 30, 2014, the Company entered into a Securities Purchase Agreements with Fourth Man, LLC. (“Fourth Man”), for the sale of an 8% to 9.5% convertible note in the aggregate principal amount of $50,000 (the “Note”).
The Notes bears interest at the rate of 8% to 9.5% per annum. As of the quarter ended June 30, 2014, all interest and principal must be repaid one year from the issuance dated, with the last note being due June 26, 2015. The Notes are convertible into common stock, at Fourth Man’s option, at a 47% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. The Company has identified the embedded derivatives related to the Fourth Man Notes. These embedded derivatives included certain conversion features and reset provision."
Lots and lots of dilution and common shares just "hanging" out there IMO (all documented in their own SEC filings), shares that someone is going to sell and flip to get their money back, and make a profit on it too boot, IMHO.
