What happens to the 504 after it expires?

"Matt has money in the Bank from the 504 started last year he last reporrted raising over a hundred thousand dollars. I would have to look back at the papers, but I believe that 504 ends in June."

This was a strategic error IMO on Matt's part. He should have acquired only shells or self-completed paperwork for shells (I'll include the brokerage and Clearing House in that list of shells) until the convertible debt started generating sufficient interest to fully support BCAP. A lesson I'll learn with the next stock plays I have,

"My question to everyone else is why do you think spending the money to advertise the TA would be a good idea? If he spends the money to advertise and no one decides to use Baron as there TA then we are done!"