My initial reaction is disappointment - probably like most. Looking at what was released, it's hard to imagine why they needed an extension. Let's be honest, it's the quarterly with some copy/paste from known subsequent events.

This final line under Note 7 deflated me a little - but then made me wonder:

"The Company has evaluated subsequent events from the balance sheet date through the date that the financial statements were issued and determined that there are no additional subsequent events to disclose."

If the prevailing opinion is that they have something lined-up, why would they not take this opportunity to reveal it? Perhaps it's because they are still dealing with legal issues involving the preferred shares? If they didn't reveal today for legal reasons, maybe they must wait to clear things up before merging assets into the shell?

Just my opinion and musings of course. I remain optimistic and staying the course.