1. Even if the preferred was converted to common it will never be a part of the float because it will always be restricted. Float is equal to shares outstanding less restricted shares. The plan is to use the CS for investment only and the 8k said they are specifically NOT being resold to the market. That solves the dilution problem.
2. Per an email from Levy the plan is to uplist to the AMEX. As well as requiring profits and $3 per share...they also require two years of financial statements. A RS is not even a remote possibility in the near future as they have to be operating at least two years before they can think about uplisting. That solves the RS problem.
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