G.Hawk - thanks for the continuing great DD.
There seems to be an epidemic of bashers on IHub. Penny stocks have outperformed and I suspect that we will continue to see bashers who claim to be here for altruistic purposes, are never "paid," and who merely want to claim that something is trading on hype.
You point out 2 very important things upon which bashers tend to focus. As I've pointed out before, these are generic issues and not specific to one stock. Thus, bashers can get a lot of play with this. They usually back this up with historical boilerplate from SEC filings.
1) Historical nature of assets listed on a balance sheet. Assets, not consolidated, are listed as investments and valued at historical costs of investment. This is true even if that investment is now close to actual production. This is why you see many BDC's selling at discounts to NAV. As investors become more aware that current values are higher than historical ones, a company's share price should obviously increase.
2) Dilution, convertible debt, etc. I do not like these and nobody should if they are in a company's future. However, the fact that they are in a filing means that the dilution has already happened. Fully diluted o/s has already increased. A good time to buy is AFTER this semi toxic financing has occurred. Assuming that the business plan is viable and that production will occur as PR'd, then the numbers support the diluted o/s and the share price should increase.
Bashers do not explain this. They merely point out the PAST. It's like saying the company will never succeed because they had to beg for money during the development stage.