As of 1/1/2025 they had $31.4M in short term notes payable within this year. $3M that was due in Feb, the rest is listed in the 10k with 'various' for maturity dates. We don't know all the actual maturity dates, but that's a lot of shares that need to be issued either to pay in cash or tender as a conversion into shares for convertibles that are in the money at or before the time of maturity.
The maturities are set in the note contract - payment due dates are not at NW's discretion, i.e. they can't wait until the share price to go up before paying out. The 60M shares issued in Q1 must include 12M shares needed to pay off $3M notes that matured in Feb. Some of the convertibles convert as low as .26/shr. at the holder's option. Once the pps shot over that price it became advantageous for the holders to convert and receive now discounted shares rather than cash in payment. Once they get the shares, it's of course at their sole discretion as to when they liquidate them.
Under current conditions of volitility, the holder of the note that converts at .26 can make additional return above the interest rate if they convert now. But they expose themselves to market risk unless they turn around and sell the shares while it's profitable to do the conversion instead of getting paid off in cash. They get paid off with a hot potato.
Until we get details in a financial statement we can't know for sure what payments or debt conversion the shares we can see being issued for day to day. But investors should certainly be aware of how much those maturing debt obligations are. They account for some of the new shares being issued for sure, like the nearly $3M that came due in Feb. Again, if a note came due this month, NW probably wouldn't have a choice of when they have to issue the shares to cover the debt unless they negotiate a change in terms or in maturity, or conversion price for the convertible notes, etc.
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