Trying to figure out where your concerns lie. It appears that your basis is in dilution of shares.
First, I will admit I have not done my homework yet. But I find it difficult to believe that WCNX would significantly dilute its shares - say around 10% or 20% annually due to insider perks alone. If I am wrong - I deeply apologize and will eat crow and shut up. If this is true, WCNX has serious earnings problems and can be expected to trade below $20/share.
I have been more concerned about dilution of earnings through issuing additional shares to service existing high debt or take on more acquisitions. This type of dilution can be significant and must be completed carefully. Acquisitions must be accretive.