RJ......I just reviewed those pages, and there isn't anything surprising to me there. The loans and shares are owed to the officers/estate legally, so there are legal statements of the obvious.
As for the share authorization.....I agree with you.... I don't have a problem with a new authorization of 100 million shares, but its interesting to me that Brian (and Cal before him) have held out for this long.
There hasn't be a new shared issued in about 3 years, or so.
Which continues to tell me that Brian's belief is that sales will be there to pay off the loans and back pay (despite the apparent omission of the expected profitability statement AND the revenue projections for the coming year). This 10K was a conservatively prepared statement, and accurately so given the difficult conditions of this last fiscal year.
I still see profitability coming soon......but as you indicate, that's certainly not the full panacea, but more an important psychological change in direction.
Further growing revenues via all of the various parties we talk about here daily will, in my opinion, be the next step. The dollar potentials remain huge and would quickly swallow up the company debt, when looking at just the QL situation alone.
When the sales growth re-starts.....and I am convinced it will....we will move up quickly in pps, as well.
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