Generex is engaged in the research, development and commercialization of drug delivery systems and technologies. At the annual shareholder meeting of the company in June, the shareholders approved an amendment in its Restated Certificate of Incorporation. The amendment should allow GNBT to effect at any time prior to December 7, 2012 a reverse stock split of its common stock at a still undetermined exchange ratio, as well as to reduce proportionally the number of the common stock authorized for issuance. Further on, no more details on the issue were reported.
Meanwhile, the company's last 10-Q report remains completely disastrous. As of April 30, 2011 the company has registered:
* $269,086 revenue
* $16,231,126 net loss
* $13,694,413 total assets
* $16,559,929 total liabilities
So, what is obvious here is that Generex has been operating under a going concern, while being threatened of numerous risk factors beyond the company's control.