Given the lack of mining reported and the lack of money to mine with, the situation you outline is very believable to me.
I must correct you on Market Cap however.
After the consolidation and CN conversion the current SOI is ...
And the current share price would nominally be 20 x 0.001 = 0.02 i.e. 2.0c per share giving a market cap of ~$3.1m
The market cap of $154k shown by Hot Copper would require the share price to be 0.001 after consolidation. Whatever the state of NIU, that is very unlikely to be the share price.
The recent conversion was done at 1.8c so a price around there could be expected.
As a shell the listing may be worth around $2m at least which is a share price of ~1.3c
