OS/FDOS increases are dilution. 1) The 11 investors have all those Pref Es and warrants to put in the OS and after restriction will be in the float. 2) Rich just announced converting his Pref Bs, Cs, Ds into 2M new shares (OS, not the float for restricted term). 3) How many shares will get issued to pay himself for the other 49% of Bellissima? 4) How many shares will get issued to pay himself for the other 49% of BiVi? 5) How many shares will get issued to pay for Green Grow? This is dilution. Fully Diluted OS is used to value any stock's fair value PPS. That's why dilution matters.