The transaction reported on the 8k represents a conversion of preferred shares and warrants. Yes, those shares are now included as shares outstanding but I don't feel that this represents dilution. The dilution occurred when the initial warrants and preferred shares were offered. The number of shares when all warrants and placements are converted hasn't changed as a result of what was reported in the 8k only the # of shares outstanding. I guess it depends on how you look at it. The real dilution occurred with the orrigional placement. Larry