lc, sorry for the delayed response. You are right. Recent filings indicate that the difference between Sept. 26 and October 5 O/S numbers is 763 million. They issued 502 million shares to settle outstanding warrants. The remaining 261 million were issued after Sept 26. I guess they raised some money by selling those 261 million shares. It is difficult to say how much they need to run their operation. At the end of Q2-12, they had a working capital deficit of over $4 million. Issuance of 261 million shares is not enough to make up for that deficit. SP indicates they lost money in Q3, but sharecount indicates they actually raised significantly less than their working capital requirement. Or, the amount they raised was enough for the time being and they actually made some money in Q3 (that's a wishful thinking - if it were true, sp would have be over 2 cents by now). IMO, it is a waste of time and energy trying to figure out their O/S as of today. It is better to take it easy until Q3 results come out. Anyway, thanks for your contribution.
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