on who you are. After the last round of financing which was highly dilutive to most of us, Al Mann has essentially the same percentage ownership and the same amount of cash invested. That doesn't sound like dilution to me. So, when Matt implies that they will pursue financing first followed by partnership, it is not because partnering is more dilutive than financing. It is because partnering is more dilutive to Al Mann versus financing. As long as Al has debt to convert to equity, we are at extreme risk of further dilution.

Does anyone here recall the circus that surrounded the PR for last round of financing? At one point there was a PR announcing secured notes were to be issued with a conversion provision. As I recall, that conversion was highly dilutive. I sure hope this is not what they are referencing when they mention "minimally dilutive".