There is no doubt about dilution. More over, the most significant one, that is the Series E, happened between Jan 04 to Jan 08. The reason the recent series H offerings are converting at 0.349 (even though the stock price was at 0.57) is because that is the price at which the Series E Preferred Stock was converted into common stock.

Now I am encouraged that the recent financing are small in amount and seem to be bridge loans. I take it as a sign that something substantial is in the works