Right, at the moment the AS is fully diluted and will have to be raised even for restricted shares, so there is a process they will have to follow first. The CEO has said he has no plans to dilute (doesn't mean it won't happen, but because he has to amend the articles of incorporation to accomodate the higher AS first, it means he can't change his mind on a dime).
Finally, as you bring up, the current share structure is 55% insider ownership and 45% float. That is an unusually narrow majority ownership for a pink. Before they issue additional shares, they will have to take some other step to secure their position--most likely issue preferred shares with some crazy conversion ratio that will lock in their control.
That part should be interesting to watch unfold--I haven't seen the articles of incorporation, but usually there has to be a vote of the shareholders unless the amendment (to issue the preferred shares) is supported by a super-majority holder (varies, but is at least 67%). In this case there is no super-majority holder so this avenue may be closed to them.
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