I agree, they have talked about needing to start a NOC, but have not to my knowledge. I'm trying to offer a reason that the dilution could be occurring.
Installation for 435 rooms at DT: ~500M shares
NOC set up: ~500M shares
That does not even speak to past expenses or new necessary expenses.
Dilution is not fun, but it seems better than folding the cards.
Bankruptcy is a often a good option for some companies, so to me dilution is a better option than seeing that. Just look at the major airlines, most declared bankruptcy years ago. Those that did restructured their debt, got better deals with the unions, and hurt their investors. The ones that did that are in better shape now compared to the airline that did not declare bankruptcy that has made recent headlines because they are struggling.
I'm not trying to twirl the pom-poms, it just seems to make sense to be patient as long as it takes or sell now to at least get something out.