Divindens won't be a factor until the company is in the black for the long term. It also depends on share structure like your pointed out. With the real prospects on no longer term debt, this company will be highly liquid. They could reinvest with new equipment, expand business etc.... so dividends are a ways away. One good thing about being liquid, which could help is paying a dividend destroys shorts. Because shorts borrow shares, and dividends can only be paid out to shareholders, holding the cash could be a shield against short manipulation. Lots of avenues, but I think dividends are a long way off.