The market cap is not $100M. That was some faulty math to get to that lofty O/S.
The finances are quite complex, with a bunch of loans (including new ones with the CEO lending his own money), several classes of shares, warrants, and anti-dilution clauses. The footnotes to that filing are the key part of it.
First, the 11M in the filing is the number of shares if the filer converts everything, including some warrants that are priced at $8. So, the 11M is notional at this time -- what the filer could potential have.
Second, the 9.9% does not pertain to the 11M, because the filer has agreed as part of the deal to never have more than 9.9% of the O/S. So, if the filer was to convert everything, it couldn't happen all at once. He/she would convert some (to get to 9.9%), sell those, and then convert some more, and sell those, staying under the 10% cap.
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