Not so. The shares that are subscribed but not issued have to be included since they are reserved for issuance. Arguing over 700k shares is pointless though. In the end it doesn't matter. No matter if Asher can hold 1 million or 20 million, they are selling as soon as they get them and they are receiving shares often at a much better cost basis that anyone can buy from the open market. Also, Asher is not the only toxic issue here. The notes are getting larger with higher interest and shorter terms. It looks like the "perfect storm" of toxic dilution is coming to a head between now and Feb. 2013. $600,000 is a lot of debt to cover with no revenue.
Another thing to consider... the more shares issued, the amount that anyone can hold at any given time increases as they are added to the O/S count.
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