EspagnolSlash I think your numbers are wrong Go to SEDAR and read the management information circular. Look under management compensation. Not only am I correct but if you look at 2012 (same table in the filing) you will see huge increases to Gary and York. So these guys are EMPLOYEE's of FMS why did they get 40% of Grafoid? Seems to me that should have been left to shareholders. One more thing, when FMS needs more money to pay Gary's STUPID salary he will not care whether he does a financing at 40 cents or 55 cents, the dilution does not affect him as HE DOES not have any SKIN in the game. His only concern will be to get money so he can continue to pay his salary.