Check page 11 of the last 10Q, especially the footnotes.
Add up the number of shares being held in reserve for the conversion of those notes. The stock closed on March 31st at $0.020. The price is now below 1/5th of that, so 5 times as many shares would be issued.
Sure, some notes were paid off in Q2, but new notes are constantly being sold to pay the interest on the existing ones and to provide the cash to keep the lights on.
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