That's not the definition of toxic. The word gets bandied around quite a bit. When you see convertibles tied to a moving average, which triggers the issuance of more shares -that is the definition of toxic. Right now, the private placement guys are just trying to reclaim some value.
What I see here is 40M shares issued to resolve debt in the last 6 months. I'll hit this subject more in my writeup; but this is the real ugly. Ed is still printing shares in order to resolve his cash flow shortfalls. Apparently, PXYN is still unable to find conventional financing. They need a line of credit. My hope is that these new PPO sales will provide them with enough substance that a bank will approve them an LOC. Unfortunately we may need to wait a little longer; the company will need to establish a history of consistent, reliable short-term (Quality) A/R's to secure the financing.
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