Not necessarily. First, per Rule 144 (I believe), ECOS would need to be current with filings before those shares can be sold. Also, about a year ago, Tonaquint owned about 657m shares of ECOS: https://www.sec.gov/Archives/edgar/data/1290506/000114036117042113/doc1.htm So they've actually added another 350m shares to their position with this new SC 13G/A filing. Since it shows they now own ~1B shares of ECOS. But the first part of your question is likely correct, Tonaquint probably obtained these shares from conversion.