It's not just the new commons that have been issued into the o/s. It's also the warrants that have been issued that will increase the o/s when coverted, and Series B preferreds that were issued for the convertible debt.
It seems like dilution is rampant which is worrying since it indicates that they can't sustain themselves on gaming revenue alone.
The Bitpainting product was a major letdown for me. That market is barely emerging and will probably take years to get going. They should be focusing on gaming.
This is all showing in the stock price. Was in the 40 cent range not too long ago and now it's sub 20 cents today.
Looks like it may be a while before they get things going.
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