The AUTHORIZED was bumped to 10 billion. That allows them to have up to 10 billion shares out. There are only ~300 million outstanding but the convertible debt that is out now would make for ~2 billion if converted now.(probably a lot more as it will put pressure on the share price)
It's visible as a convertible note. So if the note is for $1m and converts at a 50% discount. The note holder gets $2m worth. If the stock is trading at $1 per share they get 2m shares. If it's trading at .01 they get 200m shares. In this case that exceeded the authorized. The company is forced (terms of note) to raise authorized. Bond holders get paid before common shareholders. This is the definition of toxic debt. If people actually looked into these things, it would change how they traded.... For the better.
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