Even if the (over time exercisable) warrants were all converted the share structure would remain great (apart from the fact that the AS is a bit low). Shares would also remain "semi-locked" with these friendly lenders being investors so that an increased float doesn't mean that there are lots more shares tradeable. The pps can still move easily upon demand of the market without much play. The warrants also would bring significant cash in, that can conveniently being used to pay remaining (non-toxic anyways) debt. I do think using a market cap of 2.5x the annual revenue (lets say ~150m at that time=M375) is fair which with lets say 200M OS shares (now only~80M) gets to a fair market pps value of $1.88/share. I do not see a discrepancy between yerboss's and my or even your position. The problem is not the growth or trading or pps potential to pass the first $1 to $2, the tricky time is right now to get to a fair market value...and that is being worked on by ECIG management successfully IMO.