NSAV Holding Inc (NSAV)

[shotsky]

The preferred shares are not dilutive. The common shares won't be unless they are used to convert loans, which is why we're at a 6B OS. NSAV has never paid a loan off with cash.
Last year's loans are to be converted at 50% share price. So, some loans from last year are being paid off with shares at half price this year. That's why they had to increase the common share AS.