Wrong. The A/S was increased shortly before the merger by a single filing with the Wyoming SoS. This only sets an upper limit for the number of shares the company may issue but has nothing to do with the number of shares that have actually been issued (the O/S). The shares to be concerned with, which are the ones we're chewing through, are the float (shares that may be traded). Shares that are included in the O/S but not in the float are in certificate form; likely restricted from sale. The shares from the previous management's toxic funding are included in the O/S but not all of them are necessarily in the float (although they most likely are). We'll find out the true share structure if and when the company becomes fully reporting.
Also, the company can increase the A/S whenever it feels the need to do so.
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