Since we all seek the truth, a few edits:
"Glenn Estrella, is a former JP Morgan Chase executive and is a Harvard Business graduate"
NO, Glen is a graduate of the General Management Program - "Although there are no formal educational requirements, proficiency in written and spoken English is essential". Six month fee based program - 1/2 on site - 1/2 off. He does not hold a undergraduate degree or MBA from Harvard University.
"Since this management team took over, the company has"
The company has experienced 83% of it's market cap vaporized while simultaneously being diluted 240%.
There have been two COBs - both of which left with no explanation (currently, the chair position is vacant)
"Securing funding has been a challenge"
Management obtained financing from La Jolla Cove Investors - a type of financing that is referred to as "Death Spiral Financing" due to the aggressive payback and equity structure.
Moreover, the financing agreement signed by new old management is now in litigation - a verdict in favor of the defendant (LJC) will have devastating effects to all stakeholders.
"the threat of bankruptcy has now passed"
The company is technically insolvent by all traditional methods of GAAP - current liabilities outweigh current assets 32 to 1 (3rd Quarter - 10-Q).
WSGI's independent auditors have raised serious doubts to their "going concern" status - unless new funding can be secured.
Two companies have been acquired - true!
To date, they have not yielded cash flow sufficient to pay their own operating costs.
There's lots of solid reasons why 680 million shares are selling for less than a penny. Even fewer reasons why it should be selling for more.
Do your own DD and BOL!!