Actually, we don't know that, there is MORE than one NOTE and one has much more favorable terms than the other. I imagine the less favorable one was paid off first as that would make the most sense as far as keeping the OS as low as possible.
Could be that there are no more shares being issued and those that you see now being sold into the market were issued days ago. Could be that the issuance is complete already but who knows.
I ASSUME the company will let us know via 8K when it is completely finished. I thought possibly that was going to happen today, otherwise why update pinksheets is the notes aren't done? I have a sneaking suspicion that the 8K will come and say the OS remains 131 Million and all notes are paid in full.