It is what it is. They certainly might turn it around..but I doubt it.
1) John had no business issuing a press release in Feb about "Diligently working towards becoming fully reporting.." He knew exactly what it takes to do so, and would have known he isn't able to do it.
2) Who cares where the convertible debt is coming from? My guess is that it is LAM. (Whether valid or not) The fact of the matter is, they are liquidating. They have to. There is no volume and they want their money. John's silence took the volume away, and this is now even more bloated. It will bloat more.
3) Equity purchase into PlutusX: Sure it might happen. How? I guarantee it will be via dilution. Can this ticker stand more dilution? No it cannot. So, why the hell would anyone buy more.
All the pr's this year were good ideas and stories, but they were just that. Stories. People are mad because of their failure to execute and because they truly seemed to be a legit company. If you're going to tell stories, you'd better be able to execute. They could not.
Unless they have a magic rabbit coming out of someone's rear, no bid is coming.