Don't forget the shares owed IBEX and related-parties
There are two problems with the "only $15M" argument:
1) Because of the lower stock price, the number of shares is increasing more rapidly than a year ago.
On July 8, the AS was raised by 1B, to 9B, but less than two months later, on Sept 22, the AS was raised by another 2B, to 11B.
On Dec 4, less than three months after it was raised to 11B, the AS was increased by 4B. At the current rate of increase, they'll need to again bump the AS sometime in April, assuming that BIEL still hasn't acheived profitability.
2) As of the end of 3Q/15, the IBEX and related-party notes could be converted into 12.2B and 7.1B shares, respectively, for a total of 19.3B shares. I expect that because of the lower stock price, the number of shares will increase a bit from that by the end of 4Q/15.
That means that there are really the equivalent of more than 34B shares, but to give the 19B+ shares to IBEX and the related parties, there will either have to be a really large increase in the AS, or a 1:10 reverse split, in order to bring the shares out plus owed to about 3.5B, well below the 15B AS cap.
News 
Market Data 
Discover 
