No dilution, yet, but an inability to satisfy current interest only obligations and future much larger obligations, insufficient cash/capital flow to grow business, warrants may not convert, but debt will then be called and can only be paid for in paper, virtually all available paper, maybe more, future financing or refinancing, without a major turnaround with major cash infusion within the next few months, will be very dilutive in nature IMO. Looking at the Q and performance patterns to date, there is no reason to believe it will look much different than when Willis was crashing the ship. Might be flip able now, but the spiral looks to be restarting IMO.