there are now 626,828,426 shares on issue, excluding the options...

there are now 626,828,426 shares on issue, excluding the options attached to the last raise and the possibility of the loans being converted to equity as well.  That's a lot of paper for a company yet to generate meaningful revenue let alone profit (which is what most valuations are predicated on).  Lets hope sales start to happen sooner rather than later from Telstra and anywhere else.  Lots of competition creeping into the market globally at the moment on cyber security.
http://cybersecurityventures.com/