Dude, they converted their shares at like $0.002. All of the other notes were set up that way too, with the exception of the latest one that didn't have the 180 day lockup period. It was convertible immediately. Every wonder why the price dropped from $0.10 to $0.003 so quickly? Because that last lender converted their shares immediately and drove it down (at least that's what it looks like).
If you do the math, these note holders can (and it looks like they have) convert the entire O/S and pump into the market. The only way this proposed deal made any sense, was if it had already gone through, and PCTL was somehow using the money to buy the shares back on the open market.
Given that the deal hasn't gone through, it looks like John Q. Public is the group that has been buying the shares. I don't see anymore authorized shares that they could even promise to a lender at this point. Only thing they could do is authorize more shares (not likely at sub $0.01) or, more likely, reverse split and then authorize more shares.
At least that's my interpretation of their publicly available documents. Maybe I'm wrong? Would love to hear an alternative take on this that is well reasoned and sourced from the documents.