The DD is clear. The balance sheets are posted. That's the beauty of transparency. There are no emotions attached. The balance sheet is in no way is a reflection of the amount of shares used to pay down debt. And this from a company that stated in a previous PR: "The company does not anticipate a need or any reason to return to the capital markets for additional funding." I guess that was before they "knew" they had to pay off additional debts? Yeah, that's the beauty of foward-looking statements. When shares are sold into the market resulting in an O/S increase, it is defined as diluting. doesn't matter how it "feels".