Agree trading. The January 2019 note can be paid off and tossed if the company gets an upfront licensing payment by June without the noteholder's having an option to convert. The note form last year (June 2018) can be fully converted after 6 months from issue. Therefore, if nondilutive money is what causes the share price to finally and permanently pop, then Fife may want to convert this June note instead of being paid back.