Okay, but here's a more likely scenario IMHO.
Jan put it out yesterday that the $60K was going to convert. Why? I think because they were likely to start converting yesterday. Not today, not tomorrow. From the cross trade today, it seems pretty obvious they finished with what they had. So I think they had AT LEAST 2,234,767 shares.
I believe they made their first (and possibly ONLY) conversion yesterday, and CFGN showing up on the ask for the afternoon at 0.0250 sort of backs that up (CFGN came down on the ask to 0.0120 today).
We had low of day trades printed at 0.0140 twice within the previous 15 days (before yesterday), so that gives a conversion price of 0.58 x 0.014 = 0.00812. If ALL they converted was the 2,234,767 that appeared in the cross trade this afternoon, that gives 2,234,767 x 0.00182 = $18,146 that they converted. Which would leave 60000 - 18146 = $41,854 remaining to convert.
With your conversion price of 0.01045, this leaves (41,854 / 0.01045) x .58 = 6,905,461 shares left.
However, if they converted the full $60K yesterday at the 0.00182 price, they would have started with 60,000 / 0.00812 = 7,389,163, and would leave them with 7,389,163 - 2,234,767 = 5,154,396 shares left.
I think it's most likely that Power Up converted more than just $18,146 worth of shares that showed up in the cross trade. First, it's just an odd number. They would surely pick $20K or $25K or $60K. And there's nothing stopping them from converting all of it, since the full $60K would give only 7,389,163 which is well short of the 4.99% max (if that applies here, I didn't look because it doesn't come into play).
So these numbers are much more probable than yours, I believe -
Worst case just under 7M shares left
More likely somewhere between 0 and 5.2M shares left
Any way you look at it, it's a very limited number of blue light special shares that, from the voices of the longs here are likely to be snapped up in pretty short time.
