Except two things. First, the $150K is also convertible at VWAP. Don't forget to add that in. Second, ALL of that note is convertible into common stock, even though only the first $100K is at 70% of VWAP. Which makes the entire amount CONVERTIBLE DEBT.
You claim that they don't have $1.8 million in convertible debt is incorrect. It was convertible debt before the December 4 modification, it is convertible debt (at significantly more punishing terms) after the agreement.
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