If you got to the table that verlon is referring to you will see that it is under a section titled Equity Compensation, so at first glance it might seem that the 50m is somehow linked to executive compensation. However look further and you will see that you are referenced to Note 8 of the financial statements for an explanation of those 50m shares. Note 8 discusses the convertible debentures and the warrants generated from those transactions, meaning to me that the 50m unapproved shares came about from those transactions. While I cannot say with 100% certainty I can say with a good degree of confidence that the situation for issuance of the warrants did not require shareholder approval, therefore they are labeled as "unapproved".
Some posters seem to have drawn the conclusion from all of this that we will be voting to approve these and therefore 50m more shares will be hitting the float. This is not the case IMO.