I know - FFF and yerliberal are stating it as support for their free shares argument. The value of shares issued is the market value at any point in time. The relationship between equity issued and cash received at point of investment is equal - that's how a balance sheet works. In FFF yerliberal world the books simply wouldn't balance because they say the shares are issued for free - they are not - they re issued for cash, cash equivalent, services etc, which are reported equally in the balance sheet or in the p&l IMO.