That note was for a 6 month period to Labrys Fund, issued on 5-9-19. If Labrys was smart, they already converted it for the outstanding balance prior to 10-23-19 (The 8k).
(a) Mechanics of Conversion. Subject to Section 1.1, this Note may be converted by the Holder in whole or in part at any time on or following the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date prior to 11:59 p.m., New York, New York time) and (B) subject to Section 1.4(b), surrendering this Note at the principal office of the Borrower.
They could have converted for the lesser of : 1. the lowest trading price 20 days leading up to 5-9-19 (the issue date) $.4695 or 2. the alternate conversion price which is 45% of the lowest price in the last 20 days up to the conversion date (say 45% of $.08).
So obviously they would convert using option 2, get a shit ton of shares, then try to sell the bulk of they when the price was higher (the 23rd, the 24th).
Or they still haven't redeemed any of the note, they convert at 45% of $.0698 ($.03141), and they have to find someone to buy their 13,750,000 shares.
