I would agree that the current 69M shares issued and outstanding isn't that bad. Unfortunately, it looks like you also need to add what appears to be about 11M unexersized warrants, about 9M options and about 4M performance share units, all have a basis in the general range of 35 to 40 cents.
Assuming my math correct, the fully diluted share count is maybe 95M shares plus or minus. Please verify my math if you would. That would be an approximate $60M plus valuation fully diluted. Quite impressive for a company who booked $87k in traditional monetary revs last Q and that was down 50% from same Q last year. Thankfully they are generating all those non monetary revenues which has lead to a nice increase in share price.
Makes sense then why they had to raise the authorized from 100M to 250M in March.
Still also like to know who was issued the almost 1.1M shares for services in just the last quarter. Exactly what services were all these shares awarded for? At the price of the stock over the last Q, whoever received them could have raked in around $1M if issued as S8 shares. Not too shabby. Some are making a lot of money here.
You should read the filing. It's all right there. Especially look at all the options, warrants and share issuance and their respective strike prices. You won't get those details from any of their press releases.
News 
Market Data 
Discover 
AI
