Okay, I agree with you, particularly about slowing growth a bit, in favor of cash flow. Better yet, I'd like to see them sell whatever piece of land is scheduled to be used last, dedicating the proceeds to immediate capital development.
I don't think anyone would mind equity financing at reasonable prices. Clearly this was the plan. In fact, Solomon has done a good job limiting dilution.
However, in the future, I agree that he needs a new way to raise capital, if the old ways continue to keep the share price so low.
Certainly understand that this isn't on Fidelity's radar screen. But $5M spread across 10 - 50 individuals, microcap funds would tie up another 35% of the float.