I did not miss the point. I was agreeing with bfrank that this is not the time for cartwheels and cheerleading. That day will come (that is where I disagree with bfrank) but with today's PR that day is not today, unless another PR is released that confirms a contract.
And I stand by what I said that I believe the company held the CC at the same time that they were selling shares (through notes and/or 504).
I do not blame them for that and think they probably had the best interest of us shareholders in mind when doing the CC. However, that doesn't excuse the fact that it sucks they dilute with every CC and PR released.