You use the term "conversion" very loosely. To my knowledge, there are NO "conversions".
There are at least 45M shares with a cost basis of .001 according to the filings, but that doesn't make them "convertible" unless you're referring to "converting" from restricted to free trading.
And you are right: ONE contract that can justify a decent market cap for the entire OS and the existence of low cost basis shares becomes a moot point.
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