They didn't clarify that the $259k was for convertible debt, they just said debt, BUT, if it wasn't convertible debt that would mean we have over $150k convertible already eligible and from my experience here and elsewhere noteholders do not wait to convert.
I hope it is the case too because this company 8k's their convertible notes when they take them and they haven't disclosed any since December. They also showed $850k in cash for the beginning of the year. If the notes are gone that would mean no possible conversions until November.