there are only 5000 preferreds left imo, and they convert into $500K of debt, not shares. so the OS is now the same, fully diluted or not.
based on my DD, they did this primarily for the benefit of institutional investors, who don't want to be "second in line" when holding common shares, hence the elimination of all preferreds convertible to stock.
as confusing as the share structure may have been in the past, it's now quite simple.
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