It looks bleak but one bright spot is institutional purchases. For the last 6 months institutions show net purchases of over 500 thousand shares. While you might not expect them to be unloading shares, because they would sink the price completely if they did, you certainly wouldn’t expect to see them buying if they felt the company was completely doomed. If you have the, you know what and they clang you're probably picking up more shares at these levels during tax loss selling season. Also please don't confuse me with poster churchboo.
I don't think the reverse split in itself has anything to do with oxbt's problems. I believed then it was a step in the right direction and I still do. Back in 2009 I also said that I was selling a large portion of my shares right after the reverse split in anticipation of buying back at lower prices. I thought $2 would be a bottom area. Obviously I was wrong. I have been buying the shares recently. My average now is $.81 per share held. I understand your bearishness but this is where small risks can turn into big rewards. As of June 30th 2012 the funds that had invested in oxbt were still invested. The net purchase of shares at simply indicates that these funds are not running for the hills and that some are even optimistic.