Replying to my own post. It appears that the sole line of financing going forward is personal cash committed by the CEO and selling his common stock (Note 9).
Perhaps they could go back to the investor mentioned in Note 10 (sold 1.25m @$0.08 in Q409). Issuing a block of 10m shares @$0.08 would keep the company solvent until the end of the year. Other ideas?
Note 9
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"At March 31, 2010 the Company had a working capital deficit of $2,293,702. The Company has been in the development stage since inception. As a result, the Company has relied on financing through the issuance of common stock and a convertible debenture as well as advances from a director shareholder and employees wages being accrued but not paid.
As of the filing date of this Form 10-Q, the Company has minimal cash or cash equivalent assets. The Company has been relying on loans from its Chief Executive Officer resulting from private transactions in our common stock owned by him. The Company has also relied on Rice and ASU performing work under business agreements in which the Company is in arrears as well as employees and consultants temporarily agreeing to defer payment of wages and fees owed to them. The Company is aggressively seeking additional financing; however, no definitive agreements for additional financing have been received and the Company cannot provide any assurance that additional funding will be available to finance our operations on terms acceptable to us, if at all, in order to enable us to complete our plan of operations. If we are unable to achieve the financing necessary to continue our plan of operations, then our stockholders may lose their entire investment in the Company. See "Notes to Financial Statements."