You are correct, Joe has been telling investors about a deal with NIR for three years and there will never be a deal struck that benefits shareholders. What makes this even worse, the O/S and A/S are maxed out at 5 billion shares so they will have to do a reverse but don't have the votes to do that.
Right now you have all the bag holders clinging to the hope he will do something positive for them, when in fact, he can't do anything for himself right now. Caveat Emptor is indeed one notch away.