At the current growth of ANDI - I expect a max of 25M shares to be converted per quarter You're pointing out your opinion. I'm pointing out how many shares are allowed to be converted per quarter. If you construe that as negative, so be it. However if is a fact. I have never said that they will or will not do it. Again, just pointing out that they CAN if they want to. When assessing risk, I look at the potential for loss. Risk - Noun - A situation involving exposure to danger