Correction: No conversions that weren't already obligated. Even Ryan Schadel has acknowledged that the shares are still obligated, just not convertible by the note holders as long as he pays cash on time every month. Ignoring the fact that he has reported only about $80,000 in payments to undisclosed recipients which means he is now about $120,000 short of what he needs to keep up, Schadel openly reserves the right to convert the notes at his discretion.
What to do when you don't have the cash to pay note holders and the IRS....
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