They have converted debt to over 700,000,000 shares since then, yes. By now the O/S might even be making a run at 1B shares. If the next Quarterly doesn't show anything but the converted debt, I don't see this doing much. If sales & revenues don't start showing up this thing is headed for more dilution to keep the business afloat followed by another reverse split. I'm not being negative, but businesses who survive by selling shares don't often turn into legit winning stocks.
IMHO
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