I only took a very quick look at the 8-k but from the look of it the initial 15 million in warrants is just for 4-Good Ventures to guarantee the bond company against loss not for the percentage paid to the bond company for the $6.5 million bond. The other 15 million in warrants is issued if 4-Good Ventures has to pay any amount to the bond issuers and then Cytodyn also has to pay 4-Good Ventures 1.5x the amount they paid the bond issuers.

It may be the single worst trash contractual arrangement I've ever seen. It makes me wonder if Urbach is a personal friend of David F. Welch.