1812 Brewing Company Inc (KEGS)

[dav1234]

can someone please clarify why o/s # is being posted as potentially 1 to 1.2 billion shares . I've seen some of the calculations as they seem plausible but i keep reading line from 10Q "The issuance of shares under our convertible debentures agreements could increase the total common shares outstanding by 7%."
i'm confused, if as per Tom's e-mail "four sets of eyes" review these conversions, aren't they the same eyes reviewing 10q.
i think conversions should be done ,if you add 7% to o/s on 10q date .