So each quarter, GNBT has to get a new average sha

So each quarter, GNBT has to get a new average share price and update the maximum number of shares that the Oasis ELOC could be converted into if Joe took the entire $40M at that time. Remember, Joe does not plan to take all the money at one time. As they perform and the share price increases, then he will take more money which means less converted shares. So the numbers for both Oasis and Discover are worse case share count based on the quarterly average share price.

Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.