A better question would be, if CTNO is being used as the parent company wouldn't he need operating capital? Isn't that what public companies are for? He obviously isn't selling stock or putting out PR's, and 'investor relations' is nonexistent.
Merger seems a lot more likely, especially the longer this goes without any activity. No way to know for certain, this is a very speculative investment and always has been.
"Two things are infinite, the universe and human stupidity, and I'm
not sure about the universe." - Einstein