I know this has been discussed ad nauseum, but I'm bringing it up again in light of yesterday's presentation.

Per slide 23:

Cash (As of 3-31-13) = $28 million

Line of credit ("We hope we won't have to draw on it too much") = $112 million

Warrants = $90 million

Burn rate = $10-$12 million/month (may diminish slightly, but will incur pre-commercialization expenses)

Of course not mentioned in slide 23 is the impending $115 million debt note due in December.

I am admittedly the dumbest person on this board, so could someone please enlighten me? Dilution at these price levels isn't a tragedy, but it does seem inevitable.

Thanks,

Billy