First payment on first note in December is due on Wednesday. It can be paid in two ways.
1) Cash payment of $58,333.34 + interest.
OR
2) 93,333 shares of common stock + interest.
If I had to guess, they are going to pay it via option 2. They could chose option 1 instead though and just borrow from the second note in February.
It would show shareholders that they truly care about the stock and are in this for the long haul if they do chose to go with option 1 and pay in cash instead of issuing stock and diluting everyone. It would also buy them more time to strengthen the company as well as the stock price so when the time comes to make more payments a few months from now, the conversion price doesn't have to be at 50 cents, it could be higher, thus leading to less dilution.