From reviewing their annual report, as of June 30, there were roughly 10.5 million warrants outstanding with a $.13 exercise price that expire on February 24. They would have been in the money for most of the period since October 3. Consequently, the majority, if not all, of those warrants may have already been exercised. It seems very unlikely that they would all be exercised on February 23 and subsequently sold. However, they may have factored in the decline of the pps from a high of $.167 on October 6 to a low of $.09 on December 7. Nevertheless, it's unlikely that the majority of the shares would have been, or will be, sold into the market at all since they were part of a private placement which were presumably purchased as a long term investment. Anyone with a strong inclination to sell would have probably already done so. Otherwise, their psychology would be no different than any other investor buying shares on the open market. JMO
Apart from these 10.5 million warrants there are only roughly 500,000 warrants exercisable at $.30 until February 3. Given the current pps and daily volumes, they're unlikely to have any impact.
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