nobody3,
You are totally correct and the following totally verifies it.
Latest update.... The dilution machine is in high gear....
Here's what has happened to the share structure over the years...
Shares outstanding:
Under Ray Brown:
7/7/00 55,266,712
12/27/00 64,785,046
5/22/01 66,893,060
7/6/01 67,893,969
10/08/01 70,054,487
12/31/01 69,678,487
5/21/02 72,062,974
7/10/02 74,112,974
10/7/02 74,112,974
1/8/03 75,112,974
6/11/03 77,507,974
7/10/03 78,257,974
10/15/03 85,852,974
1/9/04 88,952,974
5/27/04 93,462,974
7/14/04 93,462,974
Quite a reasonable amount of dilution for a company trying to do something.
Now enter Mark Lopez as CEO and his Death Spiral Financing scheme...
11/22/04 335,427,896
2/23/05 484,427,896
5/20/05 498,427,896
Note that the Authorized shares were almost maxed out at 500 mil at this time.
7/13/05 498,427,896
10/14/05 498,427,896
1/3/06 498,427,896
Now the Authorized shares was raised to 5 Billion.
6/2/06 4,899,096,450
7/17/06 4,909,096,450
First MASSIVE reverse split 1:100
8/11/06 49,090,965
10/12/06 182,411,108
1/11/07 747,899,608
6/11/07 1,906,735,609
7/6/07 2,915,363,072
1/7/08 4,815,363,072
5/8/08 4,940,363,072
Now the second MASSIVE reverse split 1:500
7/1/08 9,880,726
10/10/08 12,306,929
1/12/09 23,679,981
6/4/09 141,784,859
7/5/09 202,750,052
8/31/09 280,967,605
10/10/09 420,489,553
11/3/2009 521,194,256
12/2/09 714,659,863
1/12/2010 1,218,000,643