It does seem very much like snake-oil potion as I do question if it even works but that's not up to me to decide. There's so many products out there that I would never think of buying but people do. The most important point is they have continued to increased their sales (non-audited and except for the last quarter, of course.) and initially, the only purpose of introducing this product was to use the money to proceed with their actual trials to avoid further dilution. But this could turn out to be bigger than originally expected. With the GIOSTAR relationship now, this revenue is not as important in keeping the business afloat, but I don't see how anyone can argue with increased revenue.
SEC reporting: They used to report quarterly but they made the decision, right or wrong, to stop and are in the process of getting back to being current. This has been and still is my biggest complaint as the SEC could shut this one down. I was very close to exiting my entire position here a couple times, but luckily, did not. They raised cash through a preferred offering in January for the purpose of hiring auditors to become current in this third quarter.
So all-in-all, I'd argue they are in the process of succeeding, especially with a PPS over .50 as many were talking about dreams of a buyout at this price just a couple years ago. That said, I'm the first to be critical here as well. I've definitely sold a good bit here lately, but I have also bought some back. No stock is going to go straight up, but I think they have done enough now to justify this as a legit high risk/high reward purchase to hold on to for the longer term.
