How this ends...
There are two separate questions in play. The first is will the SEC prevail and have the share registration revoked. If so, Ubiquity continues except that the stock gets delisted and can't trade on any markets.
The second is the financial situation and obligations of the company. We know a few things. The company is in default on all its debt (or convertibles) in the amount of at least $3.3 million. In total (excluding legal settlements and derivative liability) that have $9.5 million in liabilities -- all of which are current.
We also know that to the degree they have cash they burn through it quite quickly and that they have no operating cash flow. We don't know how long the private placements (the proceeds of which all seem to go to the Carmichaels) can continue.
They have also taken impairment charges on the patents, marking them to essentially worthless. We also don't know if there are any liens against the patents.
We still lack an audited set of financial statements from 2016 -- they are not in compliance, which may influence the administrative judge -- so these numbers are all provisional.
So, either they can reach some form of agreement with their creditors, or the creditors can force foreclosure and which point the company would likely file for bankruptcy protection and everyone will fight over the remains.
I would completely discount their proposed "restructuring plan" as selling $5 - 10 million of additional stock looks to be a very heavy lift.
