Are stocks valued based on the past or future potential?;
Neither.
As stated, I am glad that doogdilinger did get first hand validation although it does nothing but comfort those already in WNBD. As deerfield pointed out, outside of the absolute worship of Winning Colours product by those here I do not believe it may be selling that well. I certainly as a publicly traded company would release financial numbers that doogdilinger says are all in order whether sales were good or not.
Also, no matter what dilution is used for it hurts common shareholders. If you total it out, right about 3,000,000 new shares of WNBD stock are generated each trading day.
WNBD needs something bigger to spark interest outside of the "family". IMO Lowe's is still up in the air.
Good luck.