You people need to read the terms of these deals. If there is no reverse split, the deals fall apart and the money is gone. I'm sure there is also a clause in the fine print somewhere that says if the company fails to do as promised (do the R/S) for any reason, then the finance people get all the assets of the company. Most of these type of deals are like that. The assets are used to secure the finance deal.
So no reverse split, and the finance people just walk away with everything.
This is why they are called "Senior Secured Convertible Promissory Notes".
It is the "Secured" part that kills you...
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