That 54.4 million TARM is fully diluted according to what I was told by a poster on the Yahoo boards who had spoken to Rich, TRGD's number of shares was based off the same post. So that's the story of where those numbers came from, it's more shares then what's being reported on the TRGD website, "(Share Structure
Issued and out – 102.8 million.(as of Jan. 25, 2010)"
So that's the story...
BTW, you can go through history on the Yahoo TRGD and TARM boards and see where I got the info.