Avant just raised $400k from the International Fus

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Avant just raised $400k from the International Fusion 51A fund, far less than the $1.5 million required by the noteholders. This means AMBS needs to raise $4 million (2.5 for Cutanogen and 1.5 for Amarantus).

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I agree. And even the investment was at $1.5M, it wasn't accompanied by a fairness opinion (which would have put the value of AVDX much higher).

So it looks like investments in ESS and AMBS are required. And the investment into AMBS must be accompanied by a fairness opinion.