Could be, but the other trick is to short the stock during the day, using released convertible debt to set the debt conversion price, then cover after hours with freshly minted shares.
I may be wrong but last I heard OTCX-MM is the new dilution king in OTC. The lower they short it to the more shares they get, the more of a killing they make.
So far today's VWAP is well over .01 so that is good!