"if you average out the price for the offering and the free warrant It comes to a $1.37 . The stock is now trading at a $1.35 . Today it would be cheaper to to buy the stock than the offering. In any case when this offering business settles in we should move up based on future sales"

This isn't how you should think of the PP. the price of the stocks you buy in the PP is $1.22, full stop. With that, you get the warrants as a bonus, an option to buy the stock at a set price for 5 years!  What would it cost to buy an option like that?  $.40?  $.50?  I don't know for sure, but you get it for free, so it absolutely does not make sense to buy on the open market. Another way to look at, is to look at the difference between what a purchase in the PP would be worth compared to buying on the open market at different prices. Anything below the warrant strike price, they are the same. At a stock price of $2, a share bought on the open market is obviously $2, but the share plus warrant is $2 percent plus $.34 (the share price, minus the strike price, since that's what pay to convert the warrant into a share). The higher the price goes, the better it gets. At $3, the share alone is $3, the share plus warrant is $3 + $1.34 =$4.34. At $6, it's $6 + $4.34=$10.34. If you think the stock could go higher, which everyone here must, otherwise why would you be here, the math is easy. Get in on the PP while you can.