Was it a good idea to announce an S3 when the Company recently did a 6.5 mil note and already has 50 mil they can raise from an institutional investor.

Why not wait until after Market is released in mid summer, see where you stand and then decide if it is necessary. If they are cutting expenses, and Market is big, maybe not needed for at least for next couple of years? Realize this maybe a backup plan, but kind of silly to assume you won't spook the market by announcing an S3 for greater than your total market cap.