The money does flow into the company from the convertibles. Convertibles are a crucial component to the majority of early revenue stage companies and there are significant restriction and costs to the note holder converting to stock. I have done notes with other companies. You have to hold them a year then pay both clearing costs and deposit costs. From the company side it is a much better alternative for the investors instead of mass issuing stock to fund early stage development. Would you rather have 4 million shares in the float or 50 million. The float on this thing is extremely tight and the fact that there were 100k shares sitting on the bid today at a 20% spread tells me that you don’t have a problem here with convertible holders.
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