At the end of the trading session, the shares of 3DIcon reported a loss of 31.82% and the closing price was $0.015. Total volume traded almost reached 35.49 million shares, the highest ever for TDCP. The last time when the share price left the trading channel was to hit a new 52-week bottom of below $0.0006 last Monday. On the following day, it came out that the company’s shareholders have been once again massively diluted.
At the beginning of December, the University of Oklahoma has agreed to convert the entire amount owed to it by the company under a Sponsored Research Agreement into shares of TDCP shares of common stock. The total amount remaining for conversion after the payment plan was modified a few times in the past years was $485,000 at the end of September and the total number of new shares issued is 59 million. After the number of TDCP shares outstanding got almost doubled in the nine months of this year, as a follow-up a debenture was also converted into 26 million shares. Now, the new count should exceed 730 million, not exactly good news for investors.
Even with the new liabilities position, the discrepancies in TDCP debts and assets are shocking. At end of September 2010, the company had $1.84 million in total liabilities and $77,600 in total assets. The needed additional funds for the highly unprofitable operations of 3DIcon are supposed to be secured through a private placement conducted in October this year. Upon that private placement the company may issue promissory notes for a total amount of $700,000, again convertible into shares of common stock.
