192 million shares do not have to convert to commons. 13D states this. They are currently registered as preferred. These are ownership shares. Read Item 5 on the 2 SEC 13D filings on 12/14/22. Links to follow.....https://www.sec.gov/Archives/edgar/data/1725516/000149315222035337/form13d.htm In Item 5a it states they can be converted to commons They don't have to convert. "Each share of Preferred Stock also has voting rights equal to the number of shares of common stock into which it may be converted