Still relatively few FPO's on the market for PHK, however,...

Still relatively few FPO's on the market for PHK, however, definitely does hurt with continual dilution, however that is the risk with investing in a "Start up". Always know that they are going to need to continually raise cash, especially when PHK has been in start up mode "forever".
I, like you, have been in this a long time and am surprised that it is still going. I thought it would have been taken over by now or delisted. We do need to be thankful to the CEO who has saved this company from likely bankruptcy by investing his time, for no pay plus putting millions of dollars up in conv. notes + buying shares on market.
There is no way that PHK is going to be able to get loans from banks with their current stage of development, so I'm not sure what else PHK could do atm. The only questions are - who is the capital raising really for?
I) For CEO to get his money back
ii) Allow JV partners to get a bigger stake in the company
iii) PHK need cash as a safety net (they are very low on cash even with revenue coming in and any delays will seriously hurt them)
iv) increasing cash and stronger shareholders to minimise likelihood of takeover &/or have a stronger balance book when negotiating contracts (looks better for the buyer of their products - they know PHK is not likely to go bankrupt halfway through the contract)

Either way, we are in it, the company's share price and market cap is significantly better than what it was 1 year, 3 years and is equal to 5 years ago. I personally believe market cap/share price is about right at the moment.