Scion, when the last 10Q hit I posted about what I saw as a cash problem. Of course there are those who say "can't you read financials", "what about the increase in this or that", "you don't know how much cash they have" etc...
Shortly after that, the company went through the worse round of financing in years. They had to value their shares below market. This time there was interest, and they still only raised a third of what they authorized.
It's no coincident the new principles in the company are financiers. IE folks that can raise more money. This is a good thing because, like we've said, they certainly need it. You don't have to be a genius to see that a company with their burn rate and no profit needs more cash.... AGAIN.
It's the same old story with a very ugly twist this time. In the past dilution was based on shares valued much, much higher than they are today. You won't see anything on Halloween as scary as dilution at 30¢! At these levels, it takes a lot of shares to raise any significant dollars.
That being said, its much better than the alternative... Unless of course, the alternative is actually "making" money, like they said they would so many times.
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