Forgive me for the back of napkin calculations, this is based on...

Forgive me for the back of napkin calculations, this is based on my personal holding history and not deep dive research.

Today there is close to 2.9B shares
Pre most recent 1:1.9 CR there was around 1.5B shares
In 2021 there was a $30k per holder CR (69768 shares), from memory, this added ~200m shares so they had 1.3B before that
in 2020 there was a 1:2 CR at 24c, that means they had 850M shares before that
in 2016 there was a 1:1 at 13c CR making pre-CR circa 400M shares

At around the $5 peak, that would have been a $2B company but when first I entered in 2015, they were below $200M in value with circa $70m in cash

Lots of dilution, not much forward traction but the end of the tunnel is slowly approaching.

Personally, still believe there will be shipments before 2028 and dividends before 2030.