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Wednesday, October 15, 2014 6:12:35 PM
Your math is correct- but it works out basically to the shares listed as outstanding on page 1 of the last 10-Q issued, Q-2, 2014 period ended June 30th.
The firms/web sites who display a market cap are calculating it using the last qtr's 10-Q filing O/S numbers. That's the problem. That's the last known, most up to date O/S share number they have to go on.
No one knows the new number of shares until the next 10-Q is issued. Q-3 has ended, so we're about 1 month out from that next 10-Q filing and the new outstanding share count. Then, one will see that market cap calculation adjust as Yahoo and similar sites plug in the new O/S share count in their display/calculation tables. It's shares outstanding X price today or at the moment = the displayed market cap.
If we knew the real O/S share count as of today - lets say (my guesstimate) is that it's now about 565 million or so- then the market cap on a Yahoo or similar would actually be a bit higher.
565,000,000 X .0175 closing price = $9.88 million. (Yahoo shows about $9.08 million right now)
It's the problem of lagging data, they Yahoo for example (we, no one) knows today's real, actual O/S share count- we only know what it was 3 months ago on the last 10-Q.
Hope that makes sense. Again, your math to calculate what you're seeing today is correct. But the dilution is definitely occurring and will show up after release of next 10-Q, when everyone gets the new O/S share count number.
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