Total BS.
The preferreds convert at 1,000 for 1. That is 75 Billion shares. There are only 4.925 Billion in the A/S with only 300M unissued, not enough to convert. The way to do that is to reduce the O/S and convertibles by 1,000 but the A/S by 10.
This is Wayne's favorite trick. He gets an effective 10,000% increase in the A/S while pretending he decreased it. Now plenty of room to convert 75M shares.
Not to worry...he will increase the A/S back later.
Total scammers here...Wayne and his friends.