The 2012 10-K shows 10,697,000 of outstanding shares in the form of options (7,734,000) and warrants (2,963,000) as of March 4, 2013.
The 10-Q for Q3, 2013 shows 127,230,176 shares issued & outstanding.
This is an increase of 1,059,197 over the 126,170,879 shown on the 10-Q for Q1, 2013. Since that time there have been 425,000 of insider options exercised per yahoo. This means that a maximum of 624,197 warrants could have been exercised between the ends of Q1 & Q3. Accordingly, there would be 2,338,803 warrants outstanding.
Admittedly, this leaves out the possibility of warrants having been exercised between March 4 and March 31 of 2013. There was a 221,855 share increase in shares outstanding between Dec 31, 2012, & March 31st, 2013. 50,000 was due to insiders exercising options, which means that a maximum of 171,855 warrants were exercised in that time period. Under the unlikely assumption that all of these warrants were exercised during the March 4 to March 31, 2013 time period, there would still be at least 2,066,958 warrants outstanding. My guess would put it at around 2,250,000.
This assumes that only insiders are given options and that no new warrants have been issued since March 4. If either of these assumptions are incorrect, the warrants outstanding would likely be higher. So please correct me if either of these assumptions are incorrect.
Been heavy in ATRS since January 2011 in the AIS days so have shared in the good and bad days. Currently, I'm seeing value in the Feb $2.50 call options with only about a $.10 - $.15 time premium and likely QST results in the back pocket right before expiration (Feb 22). Any thoughts would be appreciated.