The proof of dilution was the last 10Q that reported Trillium converted 5 shares of Series D preferred shares for 32m common shares on April 5, 2022, which raised the OS from 655m shares to 687m shares. That was the dilution. When the OS gets raised with new shares, that is called dilution.
Trillium needs to sell millions of shares to stay under a 9.9% limit of the total OS. That's 68m shares they can own total at one time. So they are selling to make room.
So, when you see the OS raise from 687m to 719m shares, THAT will be the NEXT dilution event. It will mean Trillium sold over 32 million shares in order to convert 32m more. Or, they could convert 2 preferred shares for 12 million. 3 for 18 million. Each of the Series C and D preferred shares is convertible to 6.2m common shares. This isn't rocket science. Hope that helps you understand.
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