Because the fully diluted shares after conversion of preferreds is many, many more billions, likely close to a hundred billion considering the statements regarding the reason for the increase of the authorized to 100 billion.
What are they going to move forward with? The new money pit business that is clearly not a money maker in any sense.
The only intention they have ever had is to milk common shareholders of every penny they can get. That is why they reverse split and wipe out the common holders so often. 3 times in 2 years and due for another soon.....
Tis a shame they went pink as the filings are interesting to read, a good lesson in manipulation and deviance......