Hi tkc - a few points:
The market cap issue doesn't come into play until they are cited for violating the market cap listing requirements. That means they must have a market cap below $35m for 30 consecutive trading days. That can't happen until after the extension request for the share price issue. I believe they will get the 180 day extension with no problem. Of course, the fact that they will need the extra 180 days means the CEO was full of himself with his boasts about deals he knew about that would close that would cause a major market reaction to make it a non-issue. You can't believe a word this CEO says.
The ability to use the tax-loss carry-forward was heavily restricted years ago. It would pretty much have to be a buyout by the existing management for it to be used. I wouldn't count on the massive carry-forward loss being anything except a validation that the product doesn't sell in sufficient numbers to sustain the company..
I believe that unless some huge deals magically get closed very quickly, the exit strategy is looking towards a sale of the company for whatever they can get for it.
The option is continued dilution with deteriorating terms causing delisting to the pink sheets and massive employee turnover.
Of course, all that would change if some deals close but given the track record of the current management, the only thing they are laser-focused on is spin and carrots.
Being "wrong" has been extremely profitable.
