Reverse splits are done for one of two reasons...
Reason one (positive): The company is attempting to uplist, attract new investors that avoid sub penny stocks or possibly making themselves seem more attractive to financiers.
Reason Two (negative): 'Clearing the slate'. Think of it as a blackboard, in this case the blackboard would be the companies total amount of authorized shares. Each time they sell a share or trade a share to a debt holder you put a mark on the board. Eventually this board will get full of marks leaving no more room. So they reverse split (think of it as an eraser), basically making all the marks disappear. They now have a clean slate to start over with.
What does this mean? Well that depends on the company. Reverse splitting isn't always a bad thing but when you accompany this with a symbol change (which this company has done every time it reverse splits) they are essentially thumbing their nose at the people that had the misfortune to hold their stock.
For example, anyone who held this stock prior to September 18th (their latest reverse split) has seen a 99.8% loss in their positions value.
Since this company has virtually no income the only way it makes money is to sell stock or trade stock to debt holders. For start up companies this is pretty normal, and expected. However this company has been around for three and half years, has made little to no progress and actually has slid backwards (losing their Ebay merchant status).
The biggest issues I have with this company is the symbol changes, because all this is an obvious attempt to cover their stocks history.
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