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Andrew,

Thank you for your carefully considered response. Your points are well taken, though I can clearly see where we disagree.

You have a pessimistic view whereby 7M revenue is required. I on the other hand have assumed a more optimistic view whereby 5M is required. Time will tell which of us is closer to the truth. I suspect 6M may prove us both wrong! If 6M is missed this quarter (the worst quarter in business history), there is a good likeliness it will be met in the latter part of the year when ad spending increases (i.e., the 33%/66% yearly ad split).

I also disagree with you when you suggest that dilution to the eyeballs is not working. Yes, it is a misery to shareholders. Yes, it has not led to net profit after tax, but it damn well has brought us much much closer to this end result. One must acknowledge that the financial health of this company has improved month on month for a significant period. Yes, this has been helped considerably by the creation of more shares, but every successful business is built on debt or financing of one form or another. If you are a short term investor, this stock is not for you. There is a silent group of long term investors however, who understand the model and the rationale and who, with cost averaging hold more shares, and have an increased interest in this company. Yes, high risk, but also high return, especially for anyone smart enough to invest at this unprecedented nadir in the business cycle.