The only way it gets to .01 is by a R/S. Covey has lied about and misstated pretty much everything. There aren't any funds to pay off IR early. IR wants and will keep the pps down this low to keep getting more shares issued to them. The end of the $50M calculation period will never get here so the only option will be to run up the OS to the 20B AS amount, RS to get to .01 to get rid of IR, then start converting more preferred shares, even though Covey knows an RS will be the final cut to the throat.