NeoMedia Technologies, Inc (NEOM)

[HawkPilot]

Please forgive my ignorance, but is this "application" for a patent just that...an "application", and not a final approved patent? I am not educated in the world of patent law, but is it the case where the WIPO would not have even accepted and posted the application unless it is viable? Is this what it means when you see "patent pending" on certain products? I'm just curious how these things work.

Thanks in advance.