I don't really see any dilution going on lately. Only retail traders running out of patience in clusters. One obvious sign of dilution would be if the MM called NITE was on the ask relentlessly with a seemingly endless bunch of shares that no amount of ask slaps can make disappear. NITE is sitting at .0835 very patiently. So that's a good sign.
They may be a little slow to get the app out, but I think they're pretty good with managing their cash. What they need though is someone to communicate with their shareholders more effectively.