Well, here's the problem(s).
Latest 10-k (amended) shows:
April 1st / 09 : 1,014,141,242 Common stock outstanding
They are diluting. The last in February, the outstanding shares were something like 950 million. That's dilution and it brings down the value of the shares you hold. They will continue to dilute, you can bank on it.
The second part from the most recent 8-k is much more concerning:
Recent 8-K filed pretty much confirms a R/S as a stipulation, that is unless they don't want the money.
"The 2009 Notes include certain events of default, including a requirement that the Company effect a reverse stock split of the Company’s Common Stock within 105 days of the Initial Closing. There are currently not enough shares of common stock authorized under the Company’s certificate of incorporation to cover the shares underlying the 2009 Notes."
So while it's great that they finished accrual, they're going to continue to dilute and MUST reverse split in order to receive money to get them past June 2009. You can read in the latest pr that they need 6 more months in order to get results for the Agenda Trial, yet they only have enough financing to get them through June, 2009.
This will REQUIRE a reverse split.
