Buying at 0.0003 in view of selling at 0.0004 is an interesting little game for one who wants to play such a game.
However, notwithstanding the fact that this is a nice business, one should be very careful. Expectations of a PPS going thru the roof are realy not justified (except if one believes that THRU MANIPULATION, the PPS could VERY TEMPORARELY spike up (So manipulators suck in money of naive small players buyind on the way up).
No one should forget the following:
'For the nine months ended March 31, 2009, potentially dilutive securities that could have been issued were excluded from the calculation of diluted loss per share.
Potentially dilutive securities for the nine months ended March 31, 2009 amounted to 110,551,374,000 common shares.'
The reason is that the:
'company is required to classify preferred stock as a liability rather than as a component of stockholders’ equity if there is an unconditional obligation requiring the issuer to redeem it at a specified or determinable date (or dates) or upon the occurrence of an event that is certain to occur.'
Finally, one must also consider that the 110,551,374,000 number is based on a conversion based on a PPS of $0.0004. Assuming a PPS of $0.0003, this would mean a potential of 140 billions ADDITIONAL COMMON SHARES.
This is why the PPS is what it is. Notwithstanding the relative quality of the company behind it this stock has been much to much diluted letting small shareholders holding on almost worthless shares.
At the same time however, the few insiders who screwed the small guys, gave themselves billions of shares to protect them from the dilution they did enginneer themselves.
If honest crooks do exist, may be we have some right at the top of this otherwise nice company.
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