The below quote from Q1 2020 financials, page 15, spells things out pretty clearly.
When the Convertible Loans are initially made the Conversion Price is established as a 50% discount to the Share Price on the date the Loan is Initiation.
As an incentive to get borrowers to roll the Loan over for another 2 years BIEL offered to change the Conversion Price to 50% of the Share Price on the Maturity Date of the Extended Loan.
The vast majority of the IBEX Loans have been Extended.
"The conversion prices on the convertible notes payable have generally been 50% or less of the pink sheet closing price of the common stock on the date the notes or advances are issued to reflect the restricted nature of the stock into which the notes could be converted and the Board of Directors’ belief that the closing stock price is not reflective of the fair market value of the common stock due to the price volatility, and lack of an active market for trading shares resulting in limited trading volume of share transactions. The Board of Directors is active in negotiating conversion prices for each issuance and takes into consideration all information in establishing the issuance date fair market value."
"Starting in 2012 and continuing through December 31, 2019, the Company has extended the maturity dates by up to two years on several separate notes through multiple agreements with IBEX, as a result of insufficient cash to make payments on amounts owed. In exchange for the extensions, the conversion prices were changed to 50% of the existing market price of the Common Stock on the date of the maturity."
