The 10-Q states that there are 1,400,000 warrants that are immediately exercisable and I can see from the recent trading action that these warrant holders are cashing in IMO, especially with alot of volume and no upward PPS movement.
Liabilities increased in the last 90 days by $1,649,587.00 to $4,902,647, up from $3,253,060 on Dec. 31, 2008. That is significant IMO.