In addition to 49 million shares they also have millions in convertible notes which are way out of the money and due for repayment or conversion next year. Every time they are short of money they issue convertible notes. The company may have to renegotiate with the convertible note holders because I am sure the way they are going they won't be in a position to repay the millions due.
They also have 10s of millions in vendor options.
The options issue could really hold the company back.
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