If one has to be correct then we need to figure out , how many of those 350M warrants have been exercised and how many were exercised with cash going to company . And how much was that cash .
Yes, the dilution has not been 100% over the last 4 years.
OTOH, when you arrived at the end of 2015 you explained how dilution was not a problem. At that time there were about 104M shares+options+warrants+converts out. Today over 1.7B
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