I jumped the gun on the share count. I'm going to have to go with worse-case scenario, which isn't bad. I'm little confused with the whole prefunded warrant. It's adding in a layer of dilution I didn't account for, and I don't understand the discrepancy on the lateset 10Q.
I'm going to go with a total share count of 53.4 million shares. On the statement of shareholder equity, it shows we end with 36.6 million shares. It does show the issuance of the 16.5 million shares added in from the private placement, yet it also backs out the 19.6 million shares being retired. Plus some exercised stock options are added in, not significant.
There is no accountability for the 16.8 million penny warrants.
The income statement is showing the OS at 53.4 million shares, which is the same as the fully dilluted share count. I don't understand that. But that is almost the count, slightly off, of adding in the 16.5 million penny warrants. As if the OS *is* fully diluted from all warrants being exercised at .01, but that volume never occured. So how could they be fully exercised?? But, I would like to add it in. The balance sheet gives us the same 36. million share number, so I don't understand the discrepancy. Still, I'm going to go with 54 million, rounding up. And fix my title page.
Uggh. Still value, but not as great as value. And then I don't understand the *fully diluted* share coutn as being the same, because IFF they exercise at .35, that would add another 16 million (rounding off). But also cash, and way above our heads, so that part is good.
It's complicated. I imagine they are "shorting" the stock that way, or some of them are. Maybe even Stingray, our "partners" themselves. I mean, it is a given I guess. Why would they not? But at least their cost, as I understand it, was .30 per share. Which is almost like they go under water at .15 per share, which is where we are now almost, with a penny difference on the ask. So, everybody starts losing on the *net* below .15 IFF I understand correctly. Now they "cover" at not much of a premium, if any at all. So, it's kinda crappy short term. But here we are, and it was an oopportunity for me to grab those extra 20,000 shares this week.
The fundamentals are much better than this dilutive private placement. I don't know if I'm totally understanding correctly, but I'm going to go with an OS of 53.4 million shares and err on the side of a greater market cap, which I'm going to go fix now.
Plus, the EPS is being calculated not on the 36 million shares on the balance sheet and statement of shareholder equity; otherwise, it would reflect a .05 EPS. Rather, it's calculated off the basic outstanding shares on its income statement. Which is also different for 9 months and last 3 months because it's an *average* weighting, so we really drop to a little less than .04 for the whole year for the true, fully dilluted share count, which I don't know fully understand why it's not fully accounted for on the balance sheet.
I'm going to err on the side that is not in our favor.
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