When Apple gave Lqmt $20 million it was not a loan or for stock purchase (they had no interest in owning any part of the company, for good reason as it turns out). They bought the CE rights to the IP. Mostly to keep it out of the hands of the competition (Samsung et alia) and secondarily if they might use it in the future. At least for the term of the relevant patents, and set up CIP to extend that term. WIth right of first refusal on sale.
Your breakdown of value today is not unlike the one I long ago made, except that I thought that the penny shareprice at the time was about right, if you made a reasonable assumption that Apple was "buying" 20 % of the grand potential for consumer electronics which put the value of the company somewhere under $100 million. I could go back and look up all these numbers, but am sure will be corrected by the more careful bean counters. Then of course we had an explosive level of dilution, mostly dedicated to keep the executive overhead funded IMO, that is now something like 850 million outstanding with authorized over a billion (as agreed in the li deal, who can guess why?)
Li puts in $64 million. Saved again.
Let's call it a billion shares that we have to dig our way out of in order to make the kind of LQMT shareholders anything like the risk/reward they originally expected from this disruptive technology.
There is no near term way to do that. And, of course, with the
multi country, multi acquisition, multi relationships Li has put together, I still do not see the defined path how LQMT outside shareholders are the beneficiaries with money into their pockets.