Fully diluted OS takes into account dilutive instruments like preferreds that are convertible way below the then current price in the example of OPXS.
You seem to only be looking at common shares. That's a grave mistake when investing into companies with potentially dilutive instruments and one reason why I never wanted to touch this until after the Series A and B were eliminated and the Sileas pledged debt was settled. The series C are much cleaner looking without such onerous terms like the ratch the other had. Plus there are only a few series C left per last report.
Why do U think I use a total OS of 9 million these days in my calculations? It's because I'm accounting for the series C.
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