>Is it correct to say there are 102M shares of 'GTC' common and 23.7M shares in warrants and options for common outstanding? and the 23.7M shares in warrants and options, if exercised, would provide additional funds to the company, say $30M+?<
The purpose of computing the diluted share count for valuation purposes is to have an appropriate denominator for converting market cap to share price in a hypothetical buyout.
The fact that warrant exercises bring in cash implies that one should adjust the numerator (i.e. the market cap) rather than the denominator.
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