STSwan - I wouldn't be surprised to see additional dilution in the filings. My issue is always dilution from PIPES with discounted shares, where outside financiers are scooping up most of the cash. If the company were selling some shares to finance inventories, receivables, etc., I would not be concerned.
A growth company needs cash, even when they are profitable. The need for operating capital will diminish as the company shows continuing profits and short-term financing through bank lines of credit become available.
"This is the business we have chosen."
- Hyman Roth