you're misunderstanding how convertible notes work. fong got the funds from the loan MONTHS ago, or longer.
the shares are issued to lenders, via the transfer agent, in lieu of cash payments on notes.
the lenders are the ones selling. this is how they recoup their investments.
the biggest misconception on the OTC is when folks say "the CEO is selling today because he needs cash".
that's totally wrong, and if you disagree, look it up in the filings. it's all spelled out in the contracts.
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