Yep, the "debt converters" will dump and the investors will not have anything to validate the company's/Schramm's "performance" until the next financial report (audited 10-K) is delivered to the SEC, probably in mid-September. The actual due date is the end of August, but it is highly probable that an NT10-K will be produced, giving XLIT 15 more calendar days to timely file, i.e. on or about September 15.