Hop-On Inc (HPNN)

[DoF]

I don't think you quite understand.
The 'conversion' is not over as the equity (shares) have not been issued in return for the debt 'forgiveness'.
As Hop-on was not current with Nevada SoS, the dilutive shares could not be issued.
With the share price in the toilet, the debt holders have probably cut their losses and walked away with a tax writeoff.