That would be the cumulative customers and they are seeing a 300% growth and a 400% growth from repeat customers. That means the service is pretty sticky. This business model has a lot of appeal to higher margin service oriented users or retailers using the traditional keystone 100% gross margin markup. Somebody like Dave H would be hammered on the bottom line, though there are food services using the system.
They are pretty straight forward (In The S1)about the dilution effect of the aftermarket shares:
"If you invest in our Class A common stock, your investment will be diluted immediately to the extent of the difference between the public offering price per share of our Class A common stock and the pro forma net tangible book value per share of our Class A and Class B common stock after this offering. Our pro forma net tangible book value as of September 30, 2011 was a deficit of approximately $234.9 million, or $(0.39) per share of Class A and Class B common stock. Pro forma net tangible book value per share represents the amount of our total tangible assets, less our total liabilities, divided by the number of shares of Class A and Class B common stock outstanding as of September 30, 2011, after giving effect to a two-for-one forward stock split that occurred on October 31, 2011 and the recapitalization of all outstanding shares of our capital stock (other than outstanding shares of our Series B preferred stock) into 600,403,352 shares of Class A common stock and all outstanding shares of our Series B preferred stock into 2,399,976 shares of Class B common stock that occurred on October 31, 2011 immediately following the two-for-one forward stock split.
2,399,976 shares of Class A common stock issuable upon the conversion of our Class B common stock that will be outstanding after this offering;
18,407,510 shares of Class A common stock issuable upon the exercise of stock options outstanding as of September 30, 2011 at a weighted average exercise price of $1.11 per share;
10,575,100 shares of Class A common stock issuable upon the vesting of restricted stock units;
2,694,358 shares of Class A common stock available for additional grants under our 2010 Plan; and
49,974,998 shares of Class A common stock available for additional grants under our 2011 Plan, which we adopted effective August 17, 2011."
(Me Again)Book value is about 40 cents a share. There is NO safety margin on this stock.
Under the category of woulda coulda shoulda, Lionel. If you were interested, with your connections, you should have gotten in at the underwriting level. I'll bet you could have picked up a big block (1,000-10,000) shares at 20.00 the eventual launch price. I am a value guy so this is not my cup of tea, but it has legs. You might call your broker and see if you can get some of the preferred class B? It is probably very restricted, but a safe bet.
With that Boys and Girls, "Sound sleep by night; study and ease together mixed sweet recreation, and innocence, which most does please with meditation."* Living in the now.
Salve Lucrum
*Alexander Pope (1688-1744)
