You are quite correct in general and certainly about NVSR!
Stock issuance is how small companies (like NVSR) in these no small business credit times raise money! When debt financing is not available, you use equity!
great post...and since this 2.75M is such a large sum of money, it's not going to be some "Joe Schmoe" lending the funds, I would suspect it will be a highly reputable lending institution.