holter, I do not think JF can sell Preferred or Series B shares given the current price of the common shares(who would buy them?). Even though JF has cut expenses to basically just postage, he still needs to fund the company's debt.... he needs to sell shares to do so, and at these low pps levels, eventually, dilution will win out, and the pps will drop to .0001 as it did before....something has to give... R/S is the most expediant way to restructure the funding...also, I will be surprised if the 10K is filed on time....JMHO