That's the problem. We can't say how many shares will be issued because the debt is denominated in DOLLARS, not SHARES. Based on my quick read of the 10Q, there is at least $1MM in debentures that can convert at a discount of 35-42% to market, plus some other debentures with fixed conversion prices I am not worried about (I'd LOVE to see someone convert them at $1 per share!).
At a (generous) .02 per share, that would be 50MM new shares. At .01 it would be 100MM new shares. Given that the debt holders could force the price down as needed to get more shares (since the debs are based on a discount to trailing market price), I would say it would take at least 100MM new shares to handle all the converts.
ALPP has to pay these off with cash from operations, or cash borrowed on less dilutive terms, if they possibly can.
I own some ALPP shares. I will buy a lot more if they can get out from under the toxic convertibles.