They've been issuing shares and options recently so harder to...

They've been issuing shares and options recently so harder to get the current capital.

The announcements from the 28th July or 7th September show the capital structure after the recent issues:

Shares 680,233,972
Options 512,844,885

A very small number of the options have an exercise price of 20c, 300 million are at 2c and 200 million are at 4c.

Including the 4c options (out of the money but not by much) gives a capitalisation of (680,233,972+500,000,000)*0.035c = 41.3 million

...but wait there's more.

In my initial calculation I missed that there are 150 million deferred shares to be issued in the future on completion of a milestone (the details are in the announcements from the 28th July or 7th September). Including them gives a capitalisation of 46.5 million.

Before I did the calculations I also thought they were a $10-20 million company.