Right. So the other side of that coin would be to factor in what all of that dilution means for the balance sheet and shareholders' equity. BBRW has been carrying a big derivative liability on the books, and they are also subject to seeing some big valuation swings that hit net income. Absent new notes/dilution from other sources, the conversions we have been witnessing each serve to extinguish some portion of that derivative liability.
My interpretation is that the underlying notes were a consequence of the merger and then also needing working capital more recently. The increase in O/S is an unfortunate consequence of dealing with those situations, but again no surprises (to me, anyway) based on everything that was disclosed previously. My expectation is that, with legacy issues from the merger and the Covid shutdown in the rear-view mirror, we are substantially done with the heavy dilution. Time and the Q will tell, though.
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