"debts" and "series B preferred stock" are two different things. That quote from the ANDI press release was specifically about "debt" https://www.otcmarkets.com/stock/ANDI/news/ANDI--Utopya-Question-and-Answer?id=178721 Q: What has been done with old debts? A: We are negotiating those and they will be settled without diluting the stock. Michael Starkweather has not addressed the Series B preferred stock situation. Also, that press release was from December 20, 2017 But guess what, LG Capital Funding LLC converted more debt into 322,415,200 shares of stock on January 18, 2018 https://backend.otcmarkets.com/otcapi/company/financial-report/189308/content Oops I guess the CEO lied in that December 20, 2017 press release.