Sure. The $2,000 in cash the Company had as of March 31st not only won't do much to pay their tens of millions of dollars in current liabilities, but it won't go to buy back many shares, either. Even if the buyback were legal (it isn't) or if it made sense to do so (it doesn't).
The buyback was an obvious ploy by the company and their toxic death spiral lenders to drive buying in the stock the toxic lenders could dump into before the stock went no-bid for good. And it obviously worked, as an entirely new group of bagholders were sucked into the hype.
When the Company was buying back a feeble amount of shares, they were issuing common shares at the same time (again, not legal) to the toxic death spiral funders at a 50% discount to the market price. So the Company was buying shares at 100% market price while immediately issuing the shares back out at a 50% discount! Which is perhaps the most stupid thing I have ever heard management ever do. Instead of paying down the debt and preventing the shares from being issued in the first place, they instead decided to spend twice as much money to buy back half as many shares. Brilliant way to waste your shareholder's money and funnel the cash from the shareholders to the toxic death spiral holders.
All the common shareholders were robbed by the CEO.
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