Some clarification is required here:
You have it almost right. Debentures can be converted into shares at any time...shares acquired on conversion are then subject to a six month hold. Similarly the warrants can be exercised at any time (on payment of the 80 cent exercise price). The same six month hold applies to shares acquired on exercise of the warrants. While some debentures may have been converted already (though I would be skeptical), I can assure you that they haven't all been - apart from the more aggressive hedge fund crowd, who will happily take the immediate sure thing, the longer term investors among them will more typically wait until closer to the expiry of a conversion option.
I would also point out that the interest that can be accrued on any debenture, which could then be converted into shares, from a practical standpoint, maxes out at $20 per debenture (or 33.3 shares) - that is 2% per quarter - since the debentures provide that interest will be paid quarterly... So at the end of each quarter, at the moment it is paid, there is zero accrued interest, and it begins again for the next quarter... Which is sort of too bad, for the debenture holders!