Gene -- I'm with you 100% on further dilution. If the current board believes that further dilution will be necessary, and apparently they do, how and when do they expect the security holders to make a dime? This same mantra continues to be trotted out quarter after quarter, and we've hung with them. Your illustrations of shares outstanding vs revenue and stock price are a perfect example of why Capstone can't and shouldn't continue to go to the well ad infinitum.
Capstone management must show that they can make a profit without continuous infusions of capital via issuance of new shares. Each time they do this the bar is raised for the equity owners. Sure, stock options, and warrants are a valid way to retain top notch talent but until that talent demonstrates that they can generate revenue that results in a profit why should they be continually rewarded at our expense?
Continued dilution is akin to kicking the can down the road and at some point the road will end and the dilution will make the company worthless. JMHO
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