However a fully-diluted outstanding of 23M remains an attractively-low number, IMO.
As for financing, I covered that in my post:
The conference call (linked here linked here http://ir.myfchs.com/) is a must-listen, particularly for the section where the company discusses expansion funding. If I understood management correctly, the Melbourne building which houses their operations (and also generates rental income) could be worth $14-15M against a mortgage of about $7M. I'd expect the company to do a sale-leaseback to unlock this value, and then reinvest those funds in expansion of its network.