No, That's not correct. The debt convertor has to convert the notes first by selling them into the market for cash to repay the debt. An Authorized Share increase filing has to happen first, than an Outstanding Share increase, then conversions into into free trading at 9.9% of the total O/S per round.
Simply impossible to have that many free trading shares added to the float in 2 months. If it were that easy, every OTC company in debt would be doing it.
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