yea ...you're right for now until 8k comes out... its still convertible debt and not preferred shares
Good Gaming, Inc. Restructures Debt into Equity, Eliminating Outstanding Debt and Potential Derivative Liability Losses
Good Gaming Inc.'s Board of Directors voted to significantly reduce most of the Company's current and outstanding debt held by ViaOne Services by converting $2,682,337 worth of debt into convertible preferred shares. By converting its debt into preferred shares, the Company will eliminate any immediate dilution to the float and outstanding shares. In addition to removing most debt off its balance sheet, while also satisfying the outstanding convertible notes held by ViaOne Services, the Company expects over $16,508,750 of derivative liabilities, which were shown as a loss on its financial statements as of the end of the third quarter, to be removed off its balance sheet in the fourth quarter of 2021, or as soon as applicable. Combined with the recently closed PIPE (Private Investment in Public Entity) transaction, this strategic move by the Company will give it a much more robust and healthier balance sheet going into 2022.
A convertible note to the parent company that upon conversion would turn into restricted shares. Not that it matters because the company announced that the debt is being converted into preferred shares, duh!
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