They can do whatever they want with the share structure. Most Pinks, unless they were once reporting companies, are not SEC registered to begin with.
Not being registered with the SEC doesn't make any difference to what you can do with share structure.
You can't say you haven't seen all these POS dilute like crazy?
Look at PAIM and a host of other non SEC registered Pinks....they do it all time, forward splits, reverse splits, adding preferred shares, giving stock divvies, taking stock away from holders and replacing it with debt as in Convertible Debentures, then changing the rules on those...and anything else they can dream up and keep doing it as long as they can.
Only difference here is that TLTK was once a reporting company, they stopped filing in 1997.