summary of company position

I have been reading blogs and looking at CZP announcements. I have shares in the company and would like to understand what peoples thoughts are. Should I buy or sell. This is how I see it. Share value has dropped from a high of 38c in Dec 2007 to a low of 2c in March.

They went to market in 29 Nov 2007 and raised 5 million of convertible notes at 0.20c, and are now looking at raising another 5 million convertible notes at .04c. Note also that there currently is about 95.6 million shares, but after all the merges and convertible notes are converted, the shares go up to a total of 300 million.
What happens in 2011 when the current 5 million in convertible notes and people want their money back (as the value is less than 0.20c. They have paid out 6.8 million dollars for synergy plus, that’s a hole of 11.8 million still not taking into account the remaining 5 million dollards to be converted in 2011.
Remembering that up to 31 Dec 2007 they reported a profit 600k and this year 31 Dec 2008 reported a loss 1,100k, what will there end of year number look like in a market that has dropped considerably in this six month period.

They are also looking at buying or merging with Synergy Plus and S Central.

What are peoples opinions on these facts.