"a hey, hey hey"
10K filed 05/27/11. They are VERY close to being current in their filings.
According to the 10K auditors paid $66,000 during 2010. (they have to be paid to remain independent)
Financials are a disaster. In excess of $5,000,000 in currentliabilities offset by a shareholder deficit of the same amount.
Look at the silver lining.
If you have a $5,000,000 deficit you have a heck of a tax NOL loss carryforward.
To preserve the NOL you need to keep the corp alive.
Something's brewing but they have a big uphill battle to overcome with such financial statements.
The "Whiz" might be right about a reverse stock split.
It is a trend now days(in a bad economy) to get the stock higher to get on the NYSE,you get maybe 1000 for every 10,000 shares(or even less)at 10 times .0165= $160.00/1000 shares.The stock may jump up short term,but in a few days the stock goes back to .0165 or less,but you have only 1/10th the shares.If it comes to a vote, you must vote against a split.
As a stock play you're probably correct. However, if this management is interested in building value, they may defer a reverse-split until they can build revenue based on capital raised, acquisitions, etc. It would be a powerful story to raise more capital at a higher stock price rather than $0.02. To prevent a stock from retreating after a reverse-split, a company needs great news, revenue, etc. to be worthy of holding a higher price. But again, if this is purely a stock play and no cash, you're probably correct.