Just the mention of an R/S, and this much dilution... after how many years in business?... betrays an absolute lack of faith in organic growth. If the stock could even get close to $1, and do a 1:2 or 1:3, that would be acceptable.
If they do this before the feds get their thumb out of their own a$$, and we're still at .10c, .20c... then yes, it's scheming. It's relying on sector sentiment, rather than a solid business.
If they time this to right about, or just after, the SAFE Act, removal from Schedule 1, etc... then I would applaud. THEN we have a big winner on our hands.