Yes, I looked at the filing in more detail. I was
Post# of 147901
As best as we know, they need to do four more of these "$7.5 million deals" (one per month). And, they could each be done at a price near the current market (like the December 18 deal).
I was thinking that all of the shares are going to be converted at the December 18 price (or worse, if the stock price dropped).
So, I think I have to retract much of my earlier post. I will keep the parts about it being good to reduce our debt and increase our shareholder equity!