You're talking at crossed purposes and are both right.
OS calculates market cap and no one can argue with that.
However, in the OTC you have to assume dilution can and will happen so a major increase in AS invariably means huge dilution.
If you want to then work out the effect, that's always the gamble. You watch, see when a stock appears to have bottomed and then if the proper value even by using the AS is much higher, you go for it.
What you really mean to say is that AS is more important because during dilution, it's the only fixed number ( for now ). Its also the likely end goal
News 
Market Data 
Discover 
