Share count has long been an issue that has jumped out at me. That's why I mentioned it in a couple of my posts. Maybe we should replace the "guess the low" and "guess the high" contests with a "guess the share count" contest. Seriously, though, I did previously go through the releases and the numbers didn't add up to me. Maybe I'm just missing something. I don't have it in front of me, but I think there was a pretty big jump in actual outstanding shares from the time of the earnings release to the time of the recent 10-Q. That could possibly be explained if all of the remaining converts and warrants were converted and exercised during that period of time. I guess. But the fully-diluted # still doesn't make sense to me. Seems like if you include all options, the number should be closer to 75 or 80 mm. Again, I am going off of memory here, so I may be off. Or maybe I don't understand how fully diluted is calculated. That's why I brought up the issue and asked for comments. I might go through the releases again tonight. I seem to remember that the co. is only currently authorized to issue 100mm shares, so I guess that's conceivably the ceiling at this point. Maybe they're contemplating getting shareholder approval for a reverse split to get nasdaq listing, etc. and maybe they're trying to make sure the books are clean as part of that process. who knows. just one scenario i've come up with. but i'd like to get some clarity on the shares issue. or have someone explain to me what i'm missing. and i wouldn't mind if the board's NOL expert informed us of his/her thoughts re: the NOL issue. but that doesn't seem like it's going to happen. good luck to you.
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