KOO - You aren't using the reality of today's numbers. Firstly, a consolidation is an announcement to the markets that this is the last desperate breath and it usually turns out very badly.

Your example ignores today's price and assumes that someone will pay way more for the shares than today's price. I don't believe that is reality. Zenith is a different story and if they were on a normal market, we would be doing financings way cheaper.

With your example, a 1-10 consolidation from today's price would be $0.50/share. With a consolidation, it would probably drop below that. To raise $60 million at $0.50/ share would result in another120 million shares at the new price. Considering the 1-10 ratio, that would mean 1.2 billion more shares against today's number issued. That would be about 80% of the company. 

It would take a 1-25 consolidation to get the price up to $1.25/sh. even without the consolidation negative effect. That would mean 48 million shares at the new price to reach $60 million. 25 times 48 million would again mean 1.2 billion shares at today's price. 

On top of this, what are the chances that the deal wouldn't involve warrants which could be as bad as up to double this. It is a horrible situation and they need to come up with some different miracle.