Since the yearly high in March this year 3DIcon Corp. (OTC:TDCP) has been slowly losing value, being worth as of yesterday only one third of its 52-week high. It looks like the authorized reverse stock split did not take place, while the news about TDCP was not all positive. 
Yesterday TDCP gained 10% and closed the market at $0.033 on a trading volume of 4.58 million shares. Early in the morning, the company announced in a press release one more addition to its executive management team – Mr. Sid Aroesty, who has been in the management of a NYSE-listed company acquired by Siemens Healthcare for $1.87 in 2006.
The news about the new TDCP CEO has not been yet confirmed by an official SEC filing, but still it must have been considered by some traders as a sort of confirmation that the company’s technology has potential that could bring in sales, and maybe eventually even a profit. Unfortunately, for now the latest 10-Q did not show that the revenues are growing, unlike the number of TDCP outstanding shares of common stock.
Judging by the 1.13 billion currently outstanding shares, the Board did not elect to implement the planned reverse stock split for which the deadline was June 1, 2011. At the same time, in the first three months of the year TDCP kept diluting its shareholders through issuing over $35 million new shares as payment for consulting services, along with $57 million restricted shares as payment of accrued salaries and payroll taxes due to the former CEO Martin Keating.
The subsequent events section of the 10-Q also includes only new stock issuances: certain debentures were converted into 18.9 million shares of common stock, certain promissory notes in 61.7 million shares and another 10 million shares were issued for consulting services. Finally, to say something positive: TDCP improved is cash position as of end-March by receiving $750,000 in cash from the holders of TDCP convertible debenture who exercised certain warrants.
