I think "it depends."
The latest Q said (sic) "we can't borrow money on favorable terms, and may not be able to borrow at all. If we run out of cash we will have to close or suspend operations."
So, if you take it at face value and say that this dilution is to satisfy existing debts (and not being used to borrow new money), and if sales can start coming in for new or existing products (there are essentially no sales now) then this could turn around. But if those assumptions aren't correct, then either/or:
1 - there will be no new cash
2 - any new cash will come at a price that will essentially kill any current investment
3 - there will be no organic cash
If 1 & 3 occur, or 2 occurs, it'll wipe out most of the folks on this board.
If 2 & 3 don't occur, then we're back in business. Bottom line: is this a functional business, or is it a financing racket?
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