I have to second Wally on that. If you look at the last quarterly report, you see this:
2008 authorized: 1,000,000,000 issued: 22,423,692
2009 authorized: 200,000,000 issued: 69,535,704
Significantly more shares outstanding, but quite a reduction in authorized shares.
2010 (June): authorized: 200,000,000 issued:86,942,566
Pretty reasonable increases for a new company. I checked the Delaware SOS site, and it says they are "not in good standing" which concerns me a bit (they probably are just late on some filings/fees), but why that is I don't know. Delaware charges fees for more information: "Additional Information is available for a fee. You can retrieve Status for a fee of $10.00 or more detailed information including current franchise tax assessment, current filing history and more for a fee of $20.00.".
I believe an increase in authorized shares would require a filing with them. If I'm wrong someone can correct me on that.
It seems to me that when they generate revenue and build a customer base that they could issue the entire 200,000,000 and still be trading higher than they are now.
Essentially I'd like to see more press releases (like we've gotten lately) just so we know what is happening day to day, along with some revenue growth. That and a return to regular filings with the SEC. The quarterly reports on pinksheets are fine, but I really believe a fully reporting company would help bring in more investors.
