In the Pinks, dilution is single highest pushdown on a stock, trumped only by SEC investigations and moving to the grays.
But I will concede that there are other forces here. Sales has been moving up dramatically and dilution has only doubled the stock. Sales has gained multiples higher than that. So what is the problem? Simple...potential investors want no part of a scam and as long as Rich fails to keep promises, they won’t trust him with their money. He can fix this in a month, but doesn’t.