Tom had to file a late notice today regarding ER status because it has been 45 days since quarter end. Also, NASDAQ gives you 180 days to make remedy on the $1 thing, fyi, after the 30-day violation. Moot point though guys because he only appears to have a few weeks of money.
The only things that don't add up are...
1. Why we saw 5 really strong bid volume days in the last 2 weeks, one being a massive one yesterday where stock was up 44% at one point and 7.5mil shares traded. It likely wasn't the shorts covering because short interest has stayed at same level as prior 2-week record date, and there are only 2.5mil shares short.
2. Morgan Stanley (one of the IPO underwriters) came out on Wed, re-affirmed their equal-weight rating and a 60 cent target. You don't hand companies an equal-weight rating when you were one of the underwriters and you can see they are about to go Bankrupt shortly, notwithstanding some life-line you know about that has been made public news yet. That is suspicious maneuvering if they want they clients to get in cheap again, and then the stock ripped on Thur. MS would potentially know about a private placement and that would lead them to the rating confirmation on Wed.
Using these two recent data points, there is a small case Tom still has a trick up his sleeve in the next 2 weeks. That would either be private placement, more debt, really cheap PE deal (if they want to assume or negotiate down the existing debt (versus the $0-$10mil most of the debt will get in bankruptcy).
Today's extension and preliminary numbers, and the fact Tom won't even do an ER call for Q1 are all VERY VERY BAD signs.
However, points 1 and 2 above suggest there might some more news to come in the next 2 weeks. Tom only has about 2 weeks at this point given they have easily burned through the $11mil of cash they had at end of May.