ff...Wasn't part of the last deal that by June 15 warrants could be exercised into shares at $.45 per share?...
Thus, if the shares remain within that range no shares may be picked up by the lenders, and they are paid back by cash, with shares remaining on the shelf...
That jives with #3 on your list, and seems a plausible plan for the company that anticipates cash to be generated in sufficient sums to pay off the borrowed money, and clearly stated when filing the S-3 that they did not anticipate all the shares to be issued and become part of the float...
Regards...Gilgamash...