The consistent revenue and the market cap, while that does not mean much now, does still play a role. Overall, for a value investor, this is cheap as fuck. Revenue, assets, value of NOL... then if they grow organically to offset the operational losses, get rid of more debt.
Ultimately, I do believe this dilution is to partially grow the shareholder base or build the existing holders qty of shares, disguised through Discover. He's well been compensated by now. Over I million dollars worth was converted shortly after S800 was purchased for god's sake and at a much higher price, it's in all the filings.
My thoughts/opinions are my own, based on research & DD, best to find your own! I invest for myself/ family 1st, then everybody else.. the same as any business!
Please do not buy, sell, hold based on my opinion!