I didn't say that. I said, "Debt that is paid off with revenue is not death spiral financing." Death spiral financing by definition is the use of convertible financing (either convertible preferred stock or convertible debentures) to fund operations. The fact that this was done is not even in question.
What remains to be seen is the status of this financing and the plans to make it stop and replace it with financing that is less toxic. That is the issue that needs to be addressed in detail. Of course, as always, this is just my opinion.
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