The big problem here was the preferred shares...this is from an 8k filed on 11/07/2019. The CEO was very clear about it.
Things have changed A LOT in these months...a monster is being born.
"Mr. Dodd continued, “This update is intended to convey to our shareholders, potential investors, and other stakeholders the continued progress in the underlying value of our Company and development programs. Our common stock has been significantly diluted through conversions of preferred stock, causing our outstanding common share count to rise from 95.6 million shares at September 30 to currently over 426 million shares. We expect this to continue until the preferred stock investors have exited their position, which currently stands at approximately $2.5 million. Due to the resultant sharp decline in our stock price and rapid increase in our outstanding shares, we will not have sufficient authorized common shares to meet our obligations to the preferred stock investors. This situation unfortunately leaves us with limited choices but to seek stockholder approval for another reverse stock split to remedy the lack of authorized shares, which may also increase our share price and allow us to maintain our listing on the OTCQB Stock Market.
“But these issues do not detract from the potential value of our company and the promise of our technology; our current financing situation is challenging, but not insurmountable. I am a firm believer in our technology, our people, and our collaborators, and I have confidence that we will succeed. With the clean-up of our capital structure, implementation and progress of our oncology subsidiary, and continued advancements in our infectious disease programs, we will be much better positioned to secure additional capital on reasonable terms and increase long-term shareholder value.”
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