ERHC Energy Inc (ERHE)

[ssc]

You kind of have the concept right, but the notes ERHC issues typically have a 180 day holding period. As of last 10-Q, $95,000 worth of notes were issued in March 2016 and can't be converted until September. Hopefully for sharheolders any additional notes have the same terms. No one knows what the share price or conversion price will be in September so you'll have to wait until then to see if your theory materializes.