Wow, good analysis. I overlooked the references back to the March note. I knew they still had a modest outstanding balance, but didn't know how much. Good to know it is fully retired. If I'm reading it right, they issued 6.4 million shares plus $950,000 cash to retire the $17.1 million balance (maybe a bit more if interest accrued). That implies that those shares were issued at an average price of $2.52 (I think). (Happy to be corrected on that).

This is where I got the $2.60 on the November tranche. Footnote 3 on page 6 says "2,877,840 shares of common stock issuable upon conversion of principal and accrued interest of the secured convertible promissory note issued on November 10, 2020." I'm assuming that this describes the first $7.5 million payment that was due in November. ($7.5 million divided by 2.877 million equals $2.60).

I could easily be wrong about this. I don't think the fact that they applied so or all of this redemption to an earlier note changes the logic at all. What I can't figure out is why they didn't need to disclose the details of the $7.5 million November redemption in the same manner that they disclosed this current, December 18 redemption. My guess was that they didn't need to register those shares, but I'm not confident with that.

For the record, I'm not spinning this as negative. I have been worried for a while about how they were going to deal with repaying all of this debt that was carrying very high conversion prices. I'm happy they have figured it out. At the same time, I hope NP doesn't tell us again that he was raising money at $10, which he has said in the past. He isn't and wasn't so he shouldn't say it.