Just noticed that I said the wrong thing.
The remaining $10M from the dairy sale is NOT all cash; probably, limited cash. Cash flow remains very important with the company in hyper growth mode, and is the underlying reason a bond offering would be huge for the company.
My understanding is that there will be something like 84m to 86M shares outstanding EOY 2012, leaving 14M to 16M available for issuance.
Any bond deal would obviously mitigate the need, though not necessarily eliminate the desire, with the right opportunity; especially if it can be timed for later 2013, with a higher share price, after uplisting/dual listing and higher ttm earnings.
Currently raising $15M through equity would cost about 30% dilution, whereas a bond offering at 10% would cost $.017 earnings in interest, plus later perhaps 5% dilution from exercised warrants.
Pretty confident that $15M would generate an additional $.07 eps starting in year two, probably sooner depending where the money was invested.
