It's a convertible note, it will dilute us when they convert. Unless they opt not to, and they would only opt not to if the price doesn't rise above their strike price during the term of the loan which would really only happen if the price doesn't rise above $2.30/$2.40 over the next however many years. They'll most likely convert right before the loan is paid in full.
That's my understanding at least. Would love to hear otherwise