They're lying to you. Update your resume. That company is in a death spiral and you're better off getting out as soon as possible.
I've been there. Same situation- work till you drop for a promise (not in writing, of course) of some trinket-level reward - in this case, a $5000 bonus for working six months of 16 to 18-hour days (call it two full quarters of extra effort, 1000 hours. So it was $5 an hour actual pay rate, but that's not important).
We delivered. Management said "We never thought you'd do it, so we didn't budget for it and Marketing isn't ready to release it so no bonus."
So no bonus.
We should have expected better, since this was the same management that did an _inverse_ stock split, but only for employee-owned shares, except for the four employees who were founders, those guys shares didn't inverse-split. After it all shook out, my $40,000 worth of "signing bonus options" turned out to be worth $427. Funny how vulture capitalists only issue non-diluting shares when you are acting in a position of power.
Expect NOTHING in return from your bosses when you deliver, except possibly layoffs since you are no longer necessary, and will probably have major health problems so your medical bills will be costing them money on the group insurance policy.
I would say tell your employees exactly what was told here, and hope they have the sense to say FSCK YOU to your boss. "You want that? We want twenty percent of the company, NON DILUTING SHARES (i.e. if the company issues additional shares, even billions of shares, you still own 20% of the company. Shares that aren't non-diluting are worthless, see above note on turning $40,000 into $427.)."
In fact, don't even talk to anyone else. Just update your resume, circulate it, interview, do a professional job of task handoff, documentation, etc. and leave with a polite, professional note of two weeks notice.