Yup, and it's even worse now!
They literally have $70 cash and 50m in accumulated deficit, they really jacked it up before pulling the plug huh
Total cash, as of January 31, 2017, was $70, in comparison to $2,573 as of July 31, 2016.
Our accumulated deficit as of January 31, 2017 was $50,420,360, in comparison to $26,436,952 as of July 31, 2016. The total number of shares of our common stock outstanding was 156,844,708 as of January 31, 2017, and 103,096,935 as of July 31, 2016.
As the o/s mushrooms toward maxing the 20 billion a/s, no wonder it can't get off .0001.
Mgt knows they screwed the pooch with all the toxic death spiral debt financing. But it's too late to stem the tide. There's good reasons why this debt type is called what it is. It should be avoided at all costs. It kills a company's chances of making a go of it.
This huge volume can only mean one thing. Debt holders are cashing in. They don't care what they get per share, as it's the total dollar amount they get. So, if the shares are released to trade when the stock is at .0001, they will convert right away--- and, at a discount, which is often 50%, meaning the shares are converting at as low as .00005.
