We don't take out loans. We close them. And if you saw what you think is dilution, it's certainly possible that someone who converted shares a while ago is still holding them in their brokerage. There is just no way to tell.
Ok, no, this is exactly where shareholders go wrong. The issuer CAN NOT SELL SHARES. Do you understand that? The company CAN NOT DILUTE. Is that clear? An issuer is not allowed to sell shares while they are an issuer. That is the LAW.