read the terms of the note. he cannot convert more than 4.99% per day. upon conversion, he must sell them. so, he cannot be holding tons of shares that have been issued to him. read the 6k filing.
if the os just a few months ago was 3 mil, then it is impossible for him to have "millions" of shares issued when the terms of the conversions allows him to only hold 4.99% of the total os at any given time.
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