The free trading shares were issued, not necessarily “unloaded” yet. The float is 180 mil’ish so some of the shares are restricted likely held by insiders. The new shares may get sold if/when the A/S is increased to cover all debt outstanding or fully diluted. They are required to have shares available for debt conversion so they really don’t have a choice but to raise it or reverse split keeping the A/S at 195 mil.