It's more complicated than that, Todd.
But better for us
"the $1.9M was converted to AERO common stock at the share exchange"
The 1.9 million loan TO AERO was "drawn down" from the GGI escrow. Whether AERO sold any of those shares or kept them all is not known.
The "repayment" of the loan back to fccn was, as you say, converted into AERO common stock at the share exchange.
Remember, we were already getting ALL of AERO's shares, so how many shares we got from AERO is irrelevant. If you are arguing that there was some measure of unknown dilution from "authorized" shares, there is no language to support that concept in the PR announcing the merger being complete.
In fact, the language used announcing the closing of the merger only uses two terms to discuss the shares AERO received
"issued and outstanding capital stock"
"restricted shares"
both of which can only come from the O/S.
