Again, the argument that the MRIB outstanding share count is good for an OTC stock is absurd. Share count is meaningless in valuation without considering revenues/earnings and other financial components. MRIB has no revenue, no cash flow and mountains of debt. An OTC company with five billion shares out but with even as little as $1 in earnings is still a better value than MRIB. Valuation in the case of MRIB as with most OTC stocks is reliant on a multiple of gross revenue les COG in the absence of earnings. 3X is considered on the high end which applied to MRIB represents a market cap of roughly $100K. Now we have something to apply share count to! At 1.2 billion shares out, MRIB PPS has a hgh value of $.000083. Pretty simple stuff.
That said, the more likely case as to what seems to be a break in dilution, is the lack of any financing sources. MRIB cannot use traditional channels and has been entirely dependent on toxic convertible debt. The idea that MRIB secured any private financing, let alone from Bodie, is just too far fetched to consider. The problem is the MRIB convertible piggy bank has run dry. The aforementioned PPS and the current PPS are no longer attractive for the toxic financiers. There's no downward run room and no reasonable spread and the risk of where MRIB will be in six months is far too significant. Six months ago the PPS was still at $.01 and even at a huge discount to market a convertible at .001 was attractive to the Sharks. Now they have to look at a contract price of $.00004 at best and upon conversion having to unload billions of shares. None of them will touch that deal. Margrit destroyed the value of the MRIB stock and it's no longer a financing tool, toxic or not.
Add to all of this the fact that the timing seems to be right in line with the company having been shuttered back in October. Money ran out, no financing available, employees couldn't be paid, etc. Any convertibles from back then would have matured by now. I think the last money MRIB could arrange was back in August-September and those conversions, over 400 million shares from middle of December up to the beginning of February was the last of it.