Until this.
We currently have outstanding convertible promissory notes under which we owe an aggregate of $3,974,939 in principal, plus additional amounts in interest. We have securities exchange agreements with the holders of an aggregate of $3,602,039 of that outstanding principal amount, under which those holders have agreed to exchange their promissory notes for shares of our common stock or shares of a series of preferred stock that is convertible into our common stock, with the exchange of the promissory notes for the shares going effectively immediately upon the effectiveness of a 1-for-100 reverse stock split of our common stock. Notably, the conversion terms under the securities exchange agreements are more favorable to us than the conversion terms the holders had under the convertible promissory notes. The Reverse Stock Split will allow us to have sufficient authorized but unissued shares of common stock to effect the terms of the securities exchange agreements.
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