3 other "alleged" buyers. From 2nd quarter, they had the same thing but had hinted one buyer was ready to cut a deal. The point being is that one buyer took a good look at ARCI and walked. So the other 3 are just fluff. Biggest thing as well is they had a PR indicating they all but were assured of Geotraq's Patent Application being approved back in August. As of today, no such official Patent Grant has happened and we are 90 days from that alleged approval they all but said they received from the USPTO.
One glaring new item in this 10Q is 3 new lawsuits are underway and that is on top of the Sales Tax problem they are losing against the State of California. That case alone now has a Risk Exposure of $4.1 Million. The other 3 make a grand total of $10 Million. Anyone of these will crush their cash positions and remaining assets.
You do a quarter over quarter review and they are messaging the Trade Receivables and Pre-Paid Expenses and then on Liabilities, they appeared to have cut staff from reviewing their Compensation and Benefit Outlays. They are still burning money on both the recycling and on Geotraq. Geotraq alone now has had 15 months with no working product and no sales. The recycling business also officially declared the expected business volume decline.
In October, officially the Preferred Shares we voted to convert, so effectively the control of this company sits in one of Tony's Cronies hands (Juan Yunis). This guy effectively has 70%+ of the company stock.
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