The last 8k specifically states to refer to the EMA agreement which states that EMA can convert the shares 180 days after which was today.
Doesn't matter if OMAG agrees with the $1.8M default or not as they have no choice as they already agreed to the terms and admitted in the 8K they violated the terms by not increasing the AS legally as they were required to do so.
They just can't say oops we didn't know they had to notify shareholders beforehand. It is what it is.