Players Network Inc. (fka PNTV)

[D_A_N_]

Kodiak Deal

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Neither employee stock options nor the Kodiak stock purchase agreement are debt. Kodiak buys stock from the company under the agreement at a 20% discount though, making it somewhat "toxic". And Kodiak is a major toxic lender. Which makes me wonder if they haven't issued some convertible debentures to Kodiak since the last filing.
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You forgot to mention one key element in the Kodiak deal

The min. price is $0.18 per share .
The 20% discount only works if the share price is greater than $.225