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The biggest mistake was the convertible notes, period. The relatively paltry sums raised ($10M) PALE in comparison to the carnage they have wrecked on the SP and dilution caused.

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It is not the convertible note, but the terms of the convertible note as rightfully pointed out by trding. Changing conversion terms from "the lowest price over the last 20 days" to the average or volume weighted price would have substantially removed note holders incentive for price control.