The first note defaulted on March 23rd b/c the 10-Q for period ending Jan 31 which was due on March 15 was not filed until June 2nd. As far as being immediately convertible, I think thats possible, BUT the shares cannot legally be sold until the company becomes current, which they did on June 2, and so generally the lender will defer doing a conversion. Then they had the window from June 2 until Jun 20 or so to actually convert.
Look back at the following post, it appears that the conversion took place already for those shares.
Our memories are really short. And I feel like a YoYo.
So back to the question, where are these shares coming from.
Overall increase of 6M shares which is close to what Penny calculated was due for the notes (I think he said 5.6M or so). This is further confirmation the notes are done.
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