Ann: Distribution schedule, page-8

260 million tradeable but I would think you need to get the numbers for Top 50 or Top 100 holders and assume they are more stable investors. The remaining will be free float. Very very tight capital structure anyways so will be hard to accumulate a sizeable portion for a Institution or a Fund, as they will have to compete on the market.

They raised $12.5M total and had $2.6M in Option conversions = $15.1M

Dont know the costs of compliance, fees etc.. So $13M is about right