Then I see where Ironridge gave $1.2 million to "skinny water" or something similar on Feb 2, 2012. They got 65 million shares for that $1.2 million dollar loan. They don't need to wait around for it to make a big move in pps to make some money. Nice.
Ironridge liquidates shares, and it makes new loans... then does it all over again. They are typically fast movers... in and out of a company within 4 - 9 months depending on terms agreed to.