The company has to be on the block and management should disclose this. Management stated in the conference call that it has no intention to raise capital, and that it is "on track" to meet the December 2. 2013 deadline for NYSE listing requirements. Consider this:
The company is $2 million shy of the $6 million minimum shareholders equity requirement, an amount equal to 50% of current shareholders equity. They simply cannot earn it in two quarters, so how are they going to meet the requirement if they are not going to raise capital? Or did management lie on the conference call, instead planning a very dilutive capital raise?
Keep in mind also that the Dec 2 date is not cast in stone, but is subject to "periodic review" and if that periodic review shows that revenues are not tracking with earlier management projections made to the NYSE, you can guess what will happen next.
Finally, read the Q again and take note of the disclosure that the company wrote down a small amount of intangibles, then note the disclosure about new accounting rules regarding intangibles. Lawsiht called me a liar on this one, too.
NDAs prevent most companies from disclosing M&A activity. I was involved in a fair amount of M&A activity with a fortune 50 company. We never disclosed anything publicly until the deals were mostly done.