NorthWest Biotherapeutics Inc (NWBO)

[FeMike]

Yes, the OS went up by 189,000,000 shares, but that doesn’t mean NWBO diluted those shares THIS YEAR.

I think my number is, for the purpose of the exercise and the point I'm making, more than close enough.

Yes, the OS increase doesn't mean those shares were diluted THIS YEAR when viewed in a vacuum. They could have been Pref C's exercised from past fundraising. They could have been warrants and C-note conversions from past fundraising.

However, if you want to take out those categories, it would be dishonest to also not include Pref C's issued not yet converted and C-notes, which is a healthy chunk of the cash they raised.

So in my opinion those offsetting values are close to a net wash.

But to answer your question, about 60% of the OS increase last year through September was due to shares issued for cash or debt repayment. So extrapolating that for a 'best case' on the 189,000,000 would be 113,000,000 shares issued for cash and debt. But again, there were $12 million in notes payable issued and $10 million in c-notes payable issued which don't show up on the OS yet, but will in all likelihood show up sometime in the near future. Assume those are settled at the same $0.35/share and that adds 62 million shares to the OS which brings us right back to the 189,000,000 number.