explain this to the uneducated

Are these numbers correct?
if so how big is the dilution on this thing?
1,171,430,672 IPO on issue
OPI to come
389,459,672 @ 2c
55,000,000 @ 4c
702,000,000 @ 1c
12,000,000 @ 1.5c
If all options are exercised, a further 1,158,459,672 shares issued.
Based on today's price, the company will be valued at close to $60 million. However, there are no real resources or assets for the company that i can tell. Therefore, the company already overpriced. Shouldn't we be heading for the hills?