trub, as of September 30, 2006
PLNI had tangible assets of $4,463,956. (Just $17,000 cash on hand at the end)
PLNI had liabilities of $8,965,473. (Would be worse if it weren't for the "forgiveness" of debt of $6.8m)
Net Tangible Assets = -($4,501,517).
PLNI had a net loss of $19,273,492 in the 9 months ending 9/30/06, a decrease from its net loss of $12,563,459 in the 9 months ending 9/30/05.
So here are the facts.. As of 9/30/06 the company had negative $4.5m net tangible assets and over the past 7 quarters has had an operating loss of $50.9m.
That is why I don't see any accredited investor in their right mind paying more than a token offering to take this company off shareholders hands.
