The last max count that I was working with was 550 and included the conversion of Mr Mann's loc to shares, potential conversion of bond holders (think share price had to be in excess of $20), two traunches of warrants (0.75 per warrant 2015 and 0.6 per warrant 2016).

But since them then they announced:

- ATM to raise $50M (sounded like equipement financing for 5 lines to me) which at current share price would add 7M+

- Dearfield deal 6M

- employee pot of gold 50M ????

- Another Mr Mann conversion of debt to equity $40M (not sure at what price but lets say under $4 or 10M+ shares)

Total: 73M+ additional shares.

We had discussed totals previously of 300, 430 and 500, seems that 550 had stuck for some reason and that is why I added it all up to 600M.

I will go back and build a spreadsheet of what details I can find and post it to Google docs and provide the link here. We should be able to come to some concensous and continue to track it from there.

You may be correct in the end that 500M is the majic number and believe me I hope I am wrong, we can then all go and multiply my numbers by 1.2.

As an aside I previous have used the 600M number and a P/E of 18 to generate a pps mulitplier of $12 per 1M customers annually served. This number would also have to be adjusted upward if a significantly lower share count exists.

Enjoy,

OOG