hyperboy,
What I believe I heard Solomon say on the last conference call that all cap ex would be funded through operations by the end of 2012.
I believe Solomon is all in on what he sees as a tremendous window of opportunity to grow a good sized company serving a vast market that is currently dramatically under served and tax advantaged. This is why I'm invested.
The company is growing very fast and we can see through the NTA and increasing revenues that the operational mechanisms are on track to reach the critical mass he targets at NTA of $400M+ generating hordes of cash, with 2013 income of $100M.
For now, he is spending all income plus has used equity to fund capex well in excess of market cap. This would all be well and good if the stock were valued by a "normal" p/e metric, particularly with a plan to spin out subs at that time.
However, given the marketplace, I believe he should signal that he has finished equity financing either by expediting cash flow positive operations, bank debt for capex at cash flow positive subsidiaries like HU or feed/fertilizer, or a strategic land asset sale.
