I had this stock on my stockwatch list and I saw it pop this morning, I read the press release and got excited and jumped in at .20, and I already feel like a bagholder. AFTER I Bought I read the 10q, that thing will scare the crap out of anyone that reads it.
These guys are broke, they need cash bad, they say so over and over. They have diluted the stock by 10 million shares so far this year and will have to continue to do so. They've diluted by 8 million since that great second quarter.
I noticed in the Ibox it says they have $1.3 miillion in working capital and no debt. That's pretty funny, according the 10q they had less than $10,000 in the bank as of 6-30-06 and cash flow from operations were ($570,000) for the six months ended 6-30-06.
I'll hold until the close to see if it gets an eod run, but It looks like I was late to the party on this one.
glta
