The face value of the notes owed I believe was 17-

The face value of the notes owed I believe was 17-18 million, but the actual payoff amount was much higher. All Aboard had estimated it at about 28 million at one point. It was certainly more than 20 million. So assuming that Cutanogen will be the holding co for ESS, then they are giving up 35% ownership of ESS and about 63 million shares in AVDX to forgive about 12 million + in debt.

I think this is a good deal and the best option they had. ESS was valued at about 30 million by Jason N when they first bought it, but remember they only paid about 12 million for ESS, so 35% of that amount is just $4 million. Not sure what they had invested in the DX assets? I see this as taking 2 steps backwards to (hopefully) take 3 steps forward. I always thought it would make the most sense to sell off assets rather than try to raise 20 million when you are at 5 cents a share. A new lender could end up owning the entire company.

I'm surprised by the low volume today- I guess an 8K just doesn't have the effect a pr does. When they get the funding and the notes are taken out, there will be a pr then and I expect we will see a nice run. My prediction in the long term is that once SeD injects the additional assets, they will change the name of the company, fire GC and uplist. The question is how many shares AMBS will need to issue for these additional assets. Hopefully when the notes are taken out (but before the assets are acquired) the share price will be a good bit higher which will limit the dilution. If the promissory notes were converted today, 40 million shares, we would be at 118 million total, so not that bad.