Put whatever spin on it you want... you are the only one that uses that math. lol
Calculating Market Cap "Market capitalization is just a fancy name for a straightforward concept: it is the market value of a company's outstanding shares. This figure is found by taking the stock price and multiplying it by the total number of shares outstanding."
So you're including the shares that would vest in multi dollars. And you don't see how that would only work if those warrants were exercised, mostly above $4.80?