re-invest in my list or not? All stats and details on campaigns inside.

Hi ppl,

I started my email marketing business through solo-ads on Aug 1st.
I bought 2500 "clicks" into my squeeze page and managed to convert 41% (this conversion is pretty stable *every time*) into 1027 subscribers.
Those clicks cost me 0.388 on avg (=$970)
I rotate them on 3 campaigns and currently make $445.

The problems are:
1.) List is slowly dying out from unsubscribes; after 1.5 week I currently have 974 (6% subscriber loss)
2.) I am currently banking (1st time) with a 'clickbanking' partner for 55 clicks, started sending to my list since yesterday (10th of aug) and got 32 clicks by now.
3.) Even when I get his 55 (hoping this week) I will receive the same amount (55), I will be able to convert 40% = 22 new subs.

So if my math is right, in every iteration I would be doing, I would be bleeding out more subscribers rather than bringing new ones.

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My thought of re-investing comes from thinking that my subscriber list doesn't have the critical mass to create a fast enough "turnover" that new subs > sub decay (either through clickbanking or selling)

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Please provide your personal thoughts to this matter.
I would greatly appreciate that no one sells/solicits any products (I have a list for that right? )
Any personal advice would be greatly appreciated, I really want to grow this business.

Thanks!