I'm not sure how much the 10K will tell us about dilution. I have heard some pretty outrageous numbers, but I'm not sure where they come from if no financing has been received. If we go by the recent 10Qs and last year's 10K, the huge dilution did not occur at the end of the year (which would be reflected in the upcoming 10K), but at the beginning of the year (which would be reflected in the 10Q that will be due in May). At the end of 2011, there were 419M shares out. In the first quarter of last year (as shown in the 10K that came out last May), 200M shares were issued (almost 50% of the previous total) to bring the number to 618M. Almost half those shares, 95M, were given to management as prepayment for compensation for the whole year, and half of that (43M) was for their "work" for GHDC! Prepayment for a year of work they haven't done yet is ridiculous, especially for an entity such as GHDC that according to the filings has done absolutely nothing (rumors don't count). Oh, I forgot- GHDC did do something- they screwed up the renewal of the claims and put them in SFMI's name, which was later fixed.

So, unless something unknown has happened, I don't expect huge dilution in the 10K, but rather in the 10Q in May. But you never know- PQ may surprise us.