Yes. Check your A/D line to help with the accuracy of total volume diluted. You can practice by following a fully reporting company and use the 8ks as a reference to your findings. When you get really good at this you will find yourself within 10-20% of total volume diluted.
But like anything else that just a small piece of the Penny Stock story. Like one chapter of many.
On another note I see were Green today on nice volume
News 
Market Data 
Discover 
