I think it played out something like this.
In August 2012 Solomon knew that fishery was self-sustainable and maybe they weren't sure yet about the Abattoir. That's where the target of 84M shares by year end comes from.
A few weeks later they decided to go for the abattoir and that obviously requires more stock to be issued. But keep in mind that Solomon had a year end target of $2 in mind for the stock, mostly, because he thought that about 2/3 of the JV partners would hold on to their stock. A miscalculation, as it turned out later.
Then, later that year, around December, the price of sleepy cod suddenly collapses and now Solomon has another problem because he misses out on roughly $8M - $10M in projected earnings. At this time they are already fully committed towards building the abattoir. Two months later the S-1 appears and the first bond because the company is in dire need of cash. But none of these efforts produce a timely result which is why they had to issue stock throughout 2013. For 0.50 on average. Because the stock didn't have a chance with all the dumpage.
Oh, yeah. I should throw the FN listing by Jan 2013 somewhere in there as well.
