I have been had troubles with figures from latex2png.
If I use the default Imagemagick script to convert a LaTeX file into RTF, and Microsoft Word to convert the RTF to DOC, then the equations converted to figures are shown as black squares in old Word versions (XP). I can't even see them in Google Docs. But, if I change ImageMagick to Graphicsmagick, everything works fine. However the latex2png script uses options that is not handled by Graphicsmagick (e.g., -slice, +repage, etc.). Thus I created another latex2png version that can handle LaTeX to PNG conversion using Graphicsmagick package.
I'm not sure if it is working correctly for all situations, although I have converted a paper with 40 equations without any issue.
Any comments are welcome!
Ronan Arraes Jardim Chagas