Lex imo the increase in the O/S, other than some conversions by a lender, could also be due to the purchase of a new shell which had to be bought for the Wireless transaction (Income Event) just PRed by SG. A clean shell can go for between $250k and 500k, or at least that is my understanding.
I still think the debt and the financing for See World, as well as the final pay off to R. Miller, are weighting this down. Seldom have I seen dilution, justified or not, without being accompanied by a SP drop. Not to say longer term when the smoke clears, that this may nor prove to be a great strategy, just to say thus far it has degraded the stock price enormously over a few years, and flipping vs longer term investing was encouraged as a result. Whether you follow John Murphy's tenants or the debt fundamentals you can arrive at the same conclusions.
Imo the bottom may be when the debt is extinguished, or some real progress on it is made. Maybe also when the A/S is greatly reduced, not merely by great sales growth as they have demonstrated. They must have a significant event and some light in the end of the tunnel. SG owns an awful lot of this not to generate something positive at some point before too long. jmho
imo Question is where will this be in 12 months? Rocket or Rock it really depends greatly on the debt outstanding and the SS imo
