Yep, no conversion to shares! Which is favorable and NOT adding to the OS... and if there is a conversion, the shares have to be registered.
Perhaps if the promissory note isn't paid by next year at this time, then there will be conversion of shares, but who knows. Also why would they convert shares at .0002 when it's north of .01... they wouldn't. And that's why this note makes more sense, especially if Discover is already going to make a "sizable return" on his 200 million shares valued at .01.
So how will BYOC pay off the note next year, with 20% taxed on top of it for interest?
This again shows something seems to be on the horizon here, which will be favorable to us all.
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