Unfortunately I don’t think they can. According to their latest quarterly report, here is how much the Officers have loaned the company to keep them afloat: "Loans from Officers: $734,923." When they finally do a merger (if they ever do a merger), do you not think the Officers are going to want to recoup all, or most, of the money they chipped in? Of course they will. Wouldn’t you? Well, there is no way any incoming company is simply going to write them a check for that amount, even at a discounted rate.
Hence, the big reverse split. The NEWCO will then have plenty of shares to issue to the Officers. And it will be a huge amount of shares. That’s why I believe they have no choice in the matter. If there were almost no liabilities, they never would have had to do the big r/s.
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