Here's an explanation of the convertible bonds. It's 2 tranche of CDN$3million each @ 8.5% payable every 6 months for 2 year (first tranche matures 05/29/21). The first tranche of CDN$3million principal amount is convertible at a conversion price of CDN$0.388 (7,732,357 shares) at anytime prior to maturity. This is essentially the stock's current share price. In addition, the buyer(s) of the CDN$3 million convertible bonds receive warrants allowing them to buy an additional 7,732,357 shares at an exercise price of CDN$0.485 that expires in 2 years. The company can force conversion of the bonds or accelerate the expiration of the warrants if the stock price reaches 80% premium on conversion price and 85% premium on exercise price. The recent sale of stock by directors in the company was filed with SEDI with the remarks "Pledge of shares as collateral for Next Green Wave Convertible Debenture."