You missed the part about the exercise price being

You missed the part about the exercise price being either "initially, $0.392 and (ii) from and after each Second Trigger Date, the lesser of (x) $0.392 and (y) eighty percent (80%) of the Closing Sale Price of the Common Stock on the applicable Second Trigger Date (expressed as a dollar amount and only if it results in a reduction in the Exercise Price)"

So, currently, 80% of 0.228 = 0.1824