I'm going to give you my take on things since no one seems to have tried pinpointing what is going on.
3 months ago the CEO told us she wants to go out and raise qualified real money and uplift to a national exchange. Let's see how she is doing:
1 - The company went quiet about 3 weeks after its initial meetings in NYC
2- The Pref B's converted shares with 1 year lock ups, to get the market cap to $20M, inv. minimum
3 - S8 filed, probably to be used to add shares to float without hurting PPS, need 1,000,000 shares
4 - Silent as to Banker - compliance requires non disclosure if raising money "actively".
5 - Need 300 plus shareholders, only have 110, Sidoti Conference to introduce company to retail buy
6 - K coming out by 31st, same day as Sidoti, management in NY, most bankers in NY
7 - anything more than a $6M funding gets the company to $4M shareholder equity
So here's my take away, the company is doing what it said it would do. Its lining itself up for an application to a national exchange - its already met the min. market cap bankers seem to require, it has a mechanism to increase the float to 1,000,000 shares without affecting the PPS, its starting now to present at buy-side conferences that hopefully attracts more shareholders as well as improve PPS.
The missing piece here is the money, hence the banker. I think thats already done but I will wait to see what the news brings over the next couple of weeks. The last aspect, the money, is the key. With that, the company seems to meet the listing criteria, as well as be able to implement their business model looking at $100M in revenues in 2-3 short years.
