Why do you believe he handed over the company and does not have common shares?
On the contrary, when the shareholder list is finalized, he is very likely to own a vast majority of the common stock. He would not have made this agreement otherwise.
Uhhh...because the O/S hasn't changed, pretty much can't since it's maxed out, and 94% of it is unrestricted.... So... unless he's been buying stock himself (LOL - buying his own company), he's handing over equity ownership to the bagholders of this scam shell.