I don't believe you've factored in the 200 MILLION PLUS shares SHMP is going to have to issue to: 1) keep operating, 2) finish LaCoste and 3) acquire F&T, Velo and Ecoponex.
And 200 MILLION shares is being very conservative because it's based on 12 cents a share. Any financing will probably be at a steep discount to market, per SHMP's usual ways.
And...at the same time...those Class A shares are sitting there, ready to double the number of common shares.