The 8k says convertible within 60 days which is what I've posted. I also posted that they don't have to sell a SINGLE SHARE in order to be "deemed outstanding" for purposes of calculating respective equity as stated in the 8k.
The premise is 100% the same which is that the shares still EXIST and are part of the FULLY DILUTED CAPITALIZATION.
As a result of the Merger, we issued to the shareholders of Renewable Innovations an aggregate of 2,155,684 shares of our Series A Convertible Preferred Stock, par value $0.0001 per share, each share of which is convertible into 100 shares of our Common Stock, which represents a 93% ownership interest based on our fully-diluted capitalization immediately following the Merger.