You are correct. Johan Eliasch has not converted and sold yet. Johan has until 4/28/18 to do so. Why is this date relevant? Because of the terms of the Convertible Note agreement and Note Purchase agreement.
Convertible Note Agreement "The 10% Senior Secured Convertible Note (the "Note") is convertible in whole or in part at any time into shares of the Issuer's common stock, par value $0.0001 per share. Payment of the principal amount of the Note is due April 28, 2018." (See footnote 1 in green) https://www.sec.gov/Archives/edgar/data/1430969/000094787117000353/xslF345X02/ss41895_3.xml