"As a result of the Foreclosure Transaction, Registrant no longer owns any operating businesses."
IMPO, they are only talking about the offices in NC being sold and winding down business for the new owners. The remaining debt subsidiary debt owed is being taken over by Arcadia Holding II, Inc. for $1 million.
They have not file for bankruptcy. Yes, the stock is believed to be worthless as evident by today's PPS of 0.0085 out of 193 million shares.