I agree, companies in a rapid growth stage must take on debt be it traditional or convertbile. In the pennies you will not get traditional debt as the lenders do not trust that you have cash and would rather have the flexibilty to sell shares and make higher yield.
i work for a company that will do over $400M in revs this year and we had a $200M convertible debt offering a couple months back. Tons of cash, cash flow positive and EPS over $1.5 but still wanted $200M in convertible notes, why because they want to be a $1B in annual revenues and do not want to do it organically.
Same with VPOR, they need cash just to bridge the Inventory turnaround and AR Days sales outstanding(DSO). They are making money but are dumping it all back into the company which every investor should want. If they keep doing what they are doing things will look vastly different April '15
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