The con note holders are fully entrenched now in this company and are pulling the strings IMO.
Each time the shares are issued at a discount to the market to the toxic debt holders they are making a profit and can sell at market or just below and still make a profit.
The company is in survival mode not not in revenue or profit mode and until the deals come to fruition and revenues start to come in they will continue to issue toxic debt until there is no margin for the note holders to make a profit.