He told us flat out in an interview that he raised it not because IC Places, Inc. needed the money, but rather, "..you can't become a billion dollar company with 500,000,000 authorized shares.." I'm paraphrasing. But that's close to what he said.
And also you have not done the required amount of research. What you'll be pleased to know is that only 355,000,000 are outstanding, 60% of which is owned and held by insiders, which leaves approx 140,000,000 shares floating.