HD, I think Dan uses dilution to make his job easier and put off being held accountable for generating a shareholder return on investment. Even though shareholders have not seen any value creation to date (as the current stock price is lower than the weighted average price of his dilutions), he can always say yea but look how much cash the company has now. Dilution, even when no value is created, also masks and give the perception of a large company. So if Dan dilutes shareholders by for example $50 million in a secondary offering, he can try to say hey I grew the company's market cap by $50 million even though shareholders see their ownership stake diminish and no ROI.
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