I would agree that the dilution to fund operations is the more important and would ignore the other dilution if the PPS were representing fair market value now. It's trading 2 to 4X higher than it should be given the sales it has and reasonable projections in sales for 2017.
Forgetting the debtor dilution, this would be trading at proper value now at $.012 if ICNB fully owned Bellissima (instead of only 51%) and Rich didn't own half of ICNB in the event of a buyout because of Pref Ds he issued himself free and clear. I am assuming a buy-out price by the end of 2017 of $10M, which is a generally optimistic multiple of 5X sales, which are currently at $300K for the first qtr and my projection of $2M for all of 2017.
As long as it is trading at elevated prices, gravity will pull it toward FMV ($.003 with current share/ownership structure) and any dilution, including that from debtors, will push price down.
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