I tossed out the 40 million because that would represent about 20% dilution on our roughly 200 million outstanding shares, and also is close to the amount that has been taken off the market cap since the offering was announced in % terms.

I do have a question if anyone knows the answer....How many warrants are currently outstanding that haven't expired?  If Top-Line is positive and the PPS explodes higher as we're all hoping, then conversion I believe would have to be a slam dunk.