Wrong again. They issued no statement about having no convertible debt. They had $70k at the last filing and likely issued more since they need cash and they can't "put" shares to Kodiak below 18 cents.
Neither employee stock options nor the Kodiak stock purchase agreement are debt. Kodiak buys stock from the company under the agreement at a 20% discount though, making it somewhat "toxic". And Kodiak is a major toxic lender. Which makes me wonder if they haven't issued some convertible debentures to Kodiak since the last filing.
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