Everyones freaking out when hes doing this as an alternative to toxic financing. This is a method of using preferred shares as a long term financing round that serves as a non dilutive (post fs) alternative. Everyone always b1tching about rs and toxic debt so its either this or nothing. Remember we still had approx 80K in convertibles and another 200K in non convertible. The profit doesnt cover everything so unfortunately this is what it is. At least its more legitimate then taking on more notes.
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