The share structure is what it is. My advice is to assume the preferred and the convertible debt will eventually be converted into common and that a couple of hundred million additional shares will be created in the course of cleaning up the balance sheet.
In other words, make your investing decisions based upon the share price you think PXYN could/will achieve given an O/S of approximately 2 billion. We must hope that conversion occurs in a controlled manner over a reasonably extended period of time - at least a few years.
Given the current level of billings, if PXYN can actually recover 35% one could hope for a pre-tax profit of approximately $10M per quarter / $40M per year once all debt is eliminated.
$40M / 2 billion shares = EPS of $0.02, or about 40% of the current share price.
Feel free to substitute different O/S and/or annual earnings estimates if you are offended by mine (I'm not trying to pick a fight with longs who probably think my figures are too low and too high, respectively).
Expansion into other states would obviously improve earnings potential.
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