One common theme Kay seems to comment on over the

One common theme Kay seems to comment on over the past couple of years is that (in my words) is that the o/s is not as drastic as the a/s. He tends to defend the o/s. Is that because even though any company can jack up their a/s and not actually issue those shares? Or, hmmm, what reason do they need the a/s that high for reserves??? Sounds like we will be hearing soon. New financing or merger??? Any thoughts anyone?