I could not believe that at first either. I called and actually talked to someone at the company (not the CEO) but this person did say that it is correct.
I guess try to play for those fake bounces that come or something like that. Even at a penny the market value of the company would be 280 million. Very unlikely.
400 million common shares authorized post reverse split in February 2011 is the latest number I can find. I'm going with that until proven otherwise. See page 67-69 below