Dilution isn't even a concern at this point. They are not making profits that can be diluted. Yes, the increase in shares for paying debts and debentures is causing a 10-15% dilution. When QMC starts making a profit all this talk of dilution won't even matter. At that point, I would hope they could start paying cash for debts and at some future time even buy back some of outstanding shares from the open market if they were so inclined.
For the time being, the only concern that should bother us is whether they can sustain business until they get contracts and full production on line. Without that, this stock will be worthless by this time next year especially if they miss their business plan goals again.
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