Yes, you are right it will hit .01 sans dilution. Dilution is keeping the ceiling. This stock is for your grand children to reap the benefit. I don't think anything will happen in our life time. It has another 1 billion to dilute then it will reverse split and repeat the cycle.
What happens when Newmin croaks or retires? He is the only employee making more than $100K, they only have two full time employees. My guess is nothing would happen, it's not like he is doing anything. Just a figurehead for others to manipulate and for fools to believe.