Well, I for one believe that all the past dilution has been used to fund TNG and any other games they are developing, along with other necessary business items. Although I don't think Elite has been responsible for the game contracts, I think they have been responsible for getting them the 'funding' from private placements.
No matter what people say, dilution is the lifeblood of public start-ups, we may not like it, but that's where many get their money from before revenues start coming in...and many never actually have any revenues, check one BIG one for DNAD. I'll admit I got in too early and have suffered some consequences, but I believe/hope from now on out we'll be seeing some changes, I firmly believe in the company. I have had my doubts at certain times but the available DD just seems to always point me in a more positive direction than negative IMO.
DNAD has come a very long way in it's first 1.5 years IMO.
Have a good day all.