They over expensed their warrants and options at retail market value and built up a $20M+ tax liability as a result of the two-time delisting, they should have restated the fmv of all of their options and warrants, but left them “as-is”, now they’re going to get a big IRS call, the Hindenburg report created a volatility and marketability fmv issue that still hampers the ability to trade at fmv today, said another way, no matter how much stock you have at current grey value, it’s only worth what you can sell without tanking the stock, which doesn’t take much in an inefficient grey mkt, so even at $.12 the fmv is probably a penny.
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