Grapefruit USA Inc (GPFT)

[IMGGorBust]

I'm really confused about the warnings over the past few months that Dean is chomping at the bit to issue more shares to either stave off bankruptcy or to some how line his own pocket, and, heaven forbid, dilute for the sake of dilution. Yesterday, the Company filed with the SEC a Form S-8 POS that states: "The authorized capital stock of the Company consists of 500,000,000 shares of Common Stock, no par value per share, and no shares of Preferred Stock. On September 24, 2010, the Company had 375,790,511 shares of Common Stock issued and outstanding and no shares of Preferred Stock issued and outstanding."

So Dean has had 500,000,000 authorized shares but only approximately 375,000,000 issued for more than a year now. He has had at his disposal 125,000,000 authorized but as of yet unissued shares at his disposal and he hasn't touched them, hasn't sold them, hasn't done a PPM to raise capital with them, etc. He has left them alone. If he has had 125,000,000 shares that he could issue any time he wants, why should we fear that he wants to authorize (but not issue) more shares now for any reason other than what he has said publicly and repeatedly (for a poison pill), especially in light of his actions vis-a-vis the 125,000,000 he has had access to for more than a year? I'd say Dean has earned some credibility by not touching those shares.