First...the stock is not $0.01....second there is no way that the pps would hold with that amount of dilution. No way. And it’s not the first $100k of converged debt that kills it...it is the last $100K.
But all one has to do is look at what the pps has done since the RS. It is down over 99% and that was ONLY on dilution of 53 million shares.