Ubiquitech Software Corp (UBQU)

[somanymike]

Technically the debt would be paid when the shares are issued to the lenders, regardless of when the lender sells them.

They 'can' pay the debt with cash. But that has always been an option. At one point they had enough cash on hand to cover what they needed or pay off some of the outstanding debt. Instead they borrowed more money at those ridiculous terms, and used the cash on hand to hire people to pump the stock.