Convertible note holders can convert anytime to shares, After an exemption is in place, they can convert to FREE TRADING shares.
Exemptions are in place whether the company is current in its reporting or not.
Any note holder, holding for over 12Months in a non-reporting or delinquent filer, can convert to free trading shares if the company agrees. SO if management agrees with management, they can give themselves free trading shares any time and dump them.
I love Carrots. But that is just my opinion. Like all of my posts are just my opinion. As in "MY OPINION ONLY".