Dcspka, you obviously have never even thought about the math when you claim the debt owed to the lenders has been extinguished.
Here is the simple form of math for you.
From the SEC 10k:
On 15 Jun, 2012, there were 3.15 million shares remaining to be issued for the lenders to convert debt.
How do I know that? Outstanding shares on that date was 1.34 billion. The maximum shares that could be issued to the lenders was up to 4.5 billion. The remaining 500,000,000 (10% of the authorized shares) was in the employee benefit plan and cannot be issued to lenders.
The debt owed to the lenders per the 10K on 15 June, 2012 was $16.7 million. Additional debt was owed to others.
From 15 Jun, 2012 the share price rarely got above .0002 and most of the time was .0001 or less.
So, lets just ignore the fact that most of the shares remaining were converted at .0001 and use .0002 as the conversion price.
3.15 million shares remaining on 15 June, 2012 that could have been issued to the lenders, if converted at .0002 would have only given the lenders $630,000. The lenders got much less that that figure because the price per share was mostly .0001 and NOT .0002.
Now, please explain how the remaining $16.1 or more of debt was extinguished? With interest, that would be $24.8 million in debt still owed the lenders as of today. In addition, there is still other debt listed in the 10K that I have not even considered.
This totally blows your fantasy that there is no debt remaining.
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