Your right, I mis-read that, that could be roughly 36M shares if it drifted to the .50 area. I thought they had to file an "effect" before they could "tap" into this and start selling? Also, over what time period, is there an expiration on it? I did not see one.
DILUTION
If you purchase any of the units offered by this prospectus, you will experience dilution to the extent of the difference between the offering price per unit you pay in this offering and the net tangible book value per share of our common stock immediately after this offering, assuming no value is attributed to the Class A Warrants included in the units. Our net tangible book value as of June 30, 2014 was $3,463, or approximately $0.00 per share of common stock. Net tangible book value per share is equal to our total tangible assets minus total liabilities, divided by the number of shares of common stock outstanding.
After giving effect to the assumed sale by us of units in this offering at an assumed public offering price of $ per unit (the closing price of our common stock on , 2014), assuming no value is attributed to the Class A Warrants included in the units, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of June 30, 2014 would have been approximately $, or approximately $ per share of common stock. This represents an immediate increase in net tangible book value of approximately $ per share to existing stockholders and an immediate dilution of approximately $ per share to new investors. The following table illustrates this per share dilution:
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