Here is something else to chew on from that filing.
The Company may in the future rely on Rule 155(c) for subsequent private offerings of its securities and utilize the “Safe Harbor” from integration provided by Rule 155.
I think the S1 was not the reason for the recent explosion in O/S but it was just blunt disregard of shareholder's value. It was most probably the company directly selling those shares to some other institution because they probably already knew weeks ahead that they can't use the S1.
This company has done nothing but be deceitful. I know people here still believe. Hoping still for the best but right now, I consider this POS a scam.