How this reads to me - yes I have added a lot but its my interpretations, and maybe a little wishful thinking.
"For the notes we had that were technically in default we recognize that that the subsequent conversions of stock triggered by default were having a detrimental affect on our stock price and on our ability to move forward with our growth plan.
In addition to other repayment agreements, such as with Labry's, we have reached an agreement with the last note holder with whom we were in default. Like Labry's, we have an agreement in place now to repay the note instead of converting to stock, and the note holder agrees to waive the right to convert to stock, as we repay the note. If we default again, the note holder agrees not to convert to stock until November 2020, and we can extend this until Feb 2021 for a set fee.
Our efforts to grow the business is coming to fruition, we are a much larger company now and seeing net income recently. We appreciate the note holder for their support in having the confidence in our company now to be able to repay the debt owed. We have a set repayment plan that we believe the company can meet. We don't plan on obtaining future notes of this nature, or at least not from this note holder - we wish them well.
Due to the success of our growth initiatives we have already paid down a sizable portion of debt this year. We are still focused on seeing our stock up-listed to a major exchange and acknowledge that to accomplish that we must show net income, show further debt reduction, and halt debt related dilution of the stock. We believe that with this agreement, we have set in motion a foreseeable plan to meet the high standards of the listing requirements of a major exchange.
Furthermore, this final agreement to halt dilution, has been needed to please our Reg-A investor, which was a necessary prerequisite before they will issue more stock to fund our future acquisition plans."
(Which is also dilutive, but will be used to purchase something of value that will add to revenue, creating more value to shareholders - unlike the now halted dilutions on the old debts that have now been made current, and for which past stock conversions added nothing to shareholder value)
And for me, just to add, I would like to now see from the company some guidance on gross margins, and some ability to obtain long term financing. I would add growth, but they seem to have that one down, and obviously have plans to move forward with acquisition opportunities.
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