“This prospectus relates to the offer and sale by the selling stockholder identified in this prospectus of up to 2,205,882 shares of our common stock, consisting of shares of common stock, par value $0.001 per share (the “Shares”) issued to the selling stockholder in connection with an exchange of an outstanding secured convertible promissory note held by the selling stockholder with a principal balance of $7,500,000 at a price of $3.40 per share, pursuant to an Exchange Agreement dated December 18, 2020.”

As we suspected, CYDY is paying the balance of the debt they owe to Fife with stock. That sounds like dilution to me, no matter how NP packages these Fife deals.