woundedknees, I don't see any reason warrants would be treated differently from company issued options when it comes to the time of recognizing the dilution attributable to either. Warrants and company issued options are extremely similar (company issued options being unlike the options we can trade on the exchanges for most companies but not available for POET).

Let me know what difference you think there is between warrants and companied issued options in terms of when the dilution would be recognized. I suppose it is possible that neither would be considered dilutive until they are "in the money," but I don't think that's the way it works. I believe when people talk of "X shares fully diluted," they are including both outstanding warrants and outstanding options.

And, of course, is the price is higher, fewer shares would have to be sold to get the same amount of dollars in the kitty. It's still dilution and there will still be crabbing about it. Let's hope we see some dilution around the $5 per share vicinity very soon!