So let's imagine a scenario where all warrants are exercised and debentured iare wholly converted etc.
H12013 (jan to July)
43.8M in cash from warrants
25M for debentures converted. But 7M shares more oustanding.
25M Taxe credit (Could they receive it in H12013, I don't know, but let assume yes)
...and we are not even considering revenues from contract that should occur during Q1 or Q2...
...Not even considering the cash already in bank starting 2013.
Man just with 93.8M substract 60M out of this for HPA2 we still have 33.8M in the coffer to pay for ''general corporate purposes'' witch mean amongst other things, finance the operating cost of HPA1! This with potentially only 7M more shares starting as of 2013H1... man, imo, people on this board that are invested in ORT can sleep well for a couple of weeks. Doomers and basher are denied the cash flow rethoric here for a while...
I guess it is just normal to assume some dilution at this stage, this is high tech stuff after all, we must keep this in mind. And ORT; RB and team are just starting this journey.
Some (myself at first, when the news came out) were complaining about dilution, but if all goes as we think it will go, this company will produce so much cash going foward that if you consider the rate of dilution going foward in time versus the cash potentially generated, we are and we will be in really good situation I believe.
Potentially 7M more shares... ok fair enough i'll take it, in five year we will be laughing looking at the number of shares outstanding versus the cash generated from SGA, HPA,FA,RM markets. Assuming all goes as we expect.
All in my opinion of course.