They are desperate and there is no reason for MKT cap to
increase on dilution so 25M outstanding X .25 is 6.25M
mkt cap. About right if it can be pulled off. Will give em
6 mos or so before next offering or BK. Burning thru 20k
a day without regard for profit does have its price to pay.
AFAIK, an offering that exceeds 10M shares will trigger the change-of-control terms in the MohFoh promissory note and require payment of $1.125M. 10M shares would result in dilution of current 10M o/s by 50%. I guess they can piece-meal it up to 10M to delay maturity, but $1.125M goes to MohFoh by my interpretation.