Actually unrestricted shares are 455M out of the 701M in total OS. The actual float is probably only 20-30M more than the 347M at end of the year. Here is what is happening with the converted note...instead of selling the stock in the open market and dispersing it across the board, Charles Vacarro had a large naked short position that has been open since the run up in 2018. As shares were converted, he would convert, the stock would pop, then he would short again...you can see the stairsteps down. I am guessing he covered a very large amount of shares around the .055-.08 range over the past month. With the shorting strategy above, CV gets his short-term gains, the shares are held with a singular person vs broad market, and now he gets to hold many shares long for the next run up. This is controlled dilution and I am also guessing we will see some common stock be converted back to preferred. If they were really smart, they would update the bylaws to remove conversion capabilities...all about timing and I am thinking the second half of 2019 is going to be fun.
