I think the note hasn't been converted to shares yet based on shares outstanding and various poster's views that 1.3 million is surprisingly low and not near the 3 million available:
"The number of shares of common stock, par value $0.0001 per share, outstanding as of April 30, 2015, was 1,339,487,881."
I do think it's likely the note was issued for $250,000. So either they didn't convert yet because it's too early or because they think the price is going lower. My hope is they aren't allowed to convert yet, not that they think the price is going lower.
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