The figure you state as outstanding shares is inflated

According to the NanoLogix website: "As of January 31, 2014, NanoLogix has 126,640,882 outstanding shares issued". I believe that in 2013 the number was 123+/- mil and in 2012 was 119+/-. Given that rate of growth in shares issued for PIPE, with revenues of some level reducing the need for the PIPE share issuance for cash, your figure of 160 mil shares outstanding is either a mistake or a misstatement, as it overstates currently known outstanding shares by roughly 33%.