lillbirdy - the last 10Q states each share of pref

lillbirdy - the last 10Q states each share of preferred stock is convertible into 1,000,000 shares of common. 15K would then convert into 15B common shares. The email states 15K are outstanding, meaning issued. The Q does state there are restrictions on the preferred as to timing, volume, and common availability, but it doesn't expound upon those restrictions.

Several of you think this is a non-issue (and perhaps the unknown restrictions make it a non-issue), but it has me worried. That's a boatload of potential dilution that most likely would never be repurchased by the company.