I find it a less enticing prospect, now. Converting the $13.75 million into 65+ million shares put, shares outstanding close to the authorized share limit.
It's less shares to use for a company purchase, to refill the coffers, if cash is used, or needs to be raised for future projects.
I still think it would be a way for the company to grow quickly to fill the value gap. The market cap of GNUS is still way overvalued compared to revenue (or cash position).