It would be unconverted notes that would be paid off. There are no “shares” associated with them. All it does is reduce or eliminate the conversion potential of the notes still on the books. When a note holder converts the debt is eliminated and turned into “equity” or stock. So there is nothing left to “pay off”. Most penny financiers sell immediately into the market. That is how they manage their risk. If they “hold” they risk losing money if the stock price falls too far.
Penny financiers are cold hard realists in the OTC...they don’t buy the hype...when they can make their immediate 50% or more on the discount they take it and move on.
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