Can't answer that, Stan, but I can tell you that your prior posts came across as somewhat preachy.  I've got the sole license on this board to preach.  Balance sheet analysis for a developmental company with little revenue and lots of talented employees?  You think you need to be experienced in reading financial statements to figure that money is an issue?  Everyone knows that to be the case and hopes the warrants will do the trick.  And people know the consequences if they have to go to the market.  We will never be duped as badly as the offering that generated those lovely .52 warrants, but that surely doesn't mean your friend may not find a friendlier entry point if they do have to go to the market.

My hope is that whatever happens in the time between now and the time they might otherwise need more cash either cures the need to go to the market or raises the share price so that dilution will be minimized.  

It could have been said so simply.  And, while I agree with your conclusion, the manner in which you went about coming to it may have been somewhat offputting.  A matter of style and judgment.  These things happen.  When they happen too often, people begin to wonder about bona fides.