Sunday Trivia, page-34

If there is a 50:1 consolidation then the share price will be $0.05 (5 cents) = 50 x 0.001
The market cap will still be 6 M since the price will be 50 times higher but there will be (1/50th) the number of shares.
If the share price drops after consolidation (which it would) it only reflects the markets view of the company. the only thing holding the market cap up is the floor price of shares. At least be glad the company hasn't been delisted.

The consolidation needs to be 1000:1 to bring the share price to $1 and reduce the ridiculous number of shares.