Further Reverse Dilution happened on Jan23on Jan23 .. 5.9 mil warrent expired. and 500K options.
Heres some vey rough numbers...
NAV of 0.94 ? Assuming on common shares.
102Mil common shares.
42Mil Warrents left (mostly around 1.00) 2012
5.9 mil options (around 0.80) 2012
(102E6 * 0.94)/(150E6) = 0.64 fully diluted NAV.
So 0.64/0.48 means we're still at least 33% below NAV.
.. with cash flow... and a fair ways to go for dilution.