Not bad. A fair bit of dilution to come over the next two years but not too bad, still looks undervalued as you say.
May not need another CR for about three years.
After this CR is put away and all existing options are exercised we should have about 606 million shares and $24 million cash less whatever we spend over the next two years.
So that's a current diluted EV of around $24 million @$0.08, which should grow significantly over the next two years with all the fire power we will have to throw at it.
Ann: Trading Halt, page-137
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