No, fully diluted would be more shares than 300 million (3.6 million more plus a few more for some other equity financing).
In any case, there is nothing wrong with using the fully diluted sharecount to calculate the market cap for that. It is done all the time and in fact provides a much better picture for investors especially in cases where major dilution is guaranteed.
In any case that's what I have been using and it has worked very well form me as is easily proven with the sp in this stock alone. Putting blinders on, doesn't make the shareprice go up or even stay where it is for that matter.
There is nothing 1/2 truth or deceptive about it.
Dilution knows no bottom, greed knows no top.
-Crashman