Think there is a small flaw in your argument as well. You are "assuming" all their debt will be paid back by issuing shares. There are several other scenarios as well, although I wouldn't claim that all or any of them are very likely.
They could, for example, renegotiate the terms of their loans, they could have some of the debt partially forgiven, or they could just declare bankruptcy and have their debtors fight it out in court (if there is anything to fight over - lol). What Alex has done in the past though has been to renegotiate terms or just roll over the debt into other instruments. I consider these last two scenarios as the most likely to occur.
As for when or if LEXG will reach its authorized share limit, as you noted, I was just estimating a date based on the latest rate of dilution. Doesn't mean it won't happen sooner or later, it was just meant to be an "example" calculation. I honestly think Alex will do another RS before the 10 billion share limit is reached. Then he can start his "game" all over again. :)
