Geez... this thing may need another R/S. 10 millions series C warrants outstanding. The lower the pps, the more common shares will be required. @.11 (presplit) they needed 170 millions shares(presplit) or 2.8 millions (post split) to convert 12 millions series C warrants, so a ratio of .23 common share/warrant(on post split basis). Because the pps has fallen, that ratio jumped to 1065763/1895352=0.562. More than double. Imagine if the pps continues to fall. The ratio may double again. This is a death spiral: either the management buys back the series C warrant, or they change the conversion formula, or they come up with huge, very huge news that helps absorb the C warrant conversion without substantial pps decline or GBSN will fall below 10 cents. There is just no way you can double, triple the current 4 millions O/S shares without taking the pps to oblivion. No way. I was in a company with similar situation. The management had to buy back the warrants. Either these guys are sleeping, delusional or incompetent. THe market has shorted the stock before they could convert substantial number of shares. Geez, what idiot. This management deserves nothing but get fired.
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