It is in their DNA to do so. Already stated quite clearly that they feel it is in the best interest of the company to allow the debt convert into shares, rather than paying with company funds. Since the CEO is the 100% holder of preferred shares, it would also be in his best interest to R/S the structure after the debt has been fully converted.
In other words, R/S not happening anytime soon, but watch out once the debt is fully converted. FYI, they were claiming $700K-$800K/ Net Income/Year the previous three years and other than paying a negotiated past due interest settlement, it does not appear one dime of that went to the convertible debt, which has exploded the O/S this year. Not to mention they will be lucky to get to $100K in Net Income this year, which is a serious decline in profitability.
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