Dutch,
4) We are already at 72M and the weighed average will be 70.5M for 2012. Meaning, there will hardly be any dilution going forward.
Doesn't this mean that there will be no dilution?
How do you square that with the estimated $66M "internal funds =-- $10M more than income -- used for cap ex?
Nobody questions the ROI of the development, only the last 5% or so, particularly if the shares create overhead on the stock.
Bear's good points notwithstanding, I simply don't see the necessity to project $85M in development when you can foresee generating $80M from income, loans, grants, and credit from suppliers.
However, I do agree that we keep this issue in perspective. This miniscule 2010 development company is fast becoming a small, operating company(2011), and a medium sized cash flowing company (2013).
