At June 30th they had $179,639 in cash, and were averaging $100K per month cash burn in Q2. In Subsequent Events of the Q2 report it said they did raise another $250K in July, then promptly raised the salaries of the CEO and the President. That cash should all be spent right about now on insider salaries and consulting fees.
In a couple weeks the Q3 report will give an idea of how much more dilution there's been.
Announce you're buying some great profitable company, sell stock, pay out the cash to the insiders, fail to raise the money for the purchase, say no more about it, then repeat. Fools and their money.
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